The Federal Reserve Board, the FDIC, FinCEN, the OCC and the Conference of State Bank Supervisors clarified the legal status of hemp and Suspicious Activity Report obligations for banks under the Bank Secrecy Act.
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The House of Representatives passed a bill designed to reform the Bank Secrecy Act and related anti-money laundering laws.
FinCEN Deputy Director Jamal El-Hindi described agency efforts to encourage innovation in anti-money laundering.
Bank regulators and FinCEN clarified their risk-focused approach for assessing bank compliance under Bank Secrecy Act and anti-money laundering regulations.
The Financial Crimes Enforcement Network found that more banks and credit unions have been accepting cannabis businesses since 2018.