Federal regulators gave banks the go-ahead to serve industrial hemp customers without any enhanced anti-money laundering reporting requirements.
The Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network said in Dec. 3 guidance that banks would no longer have to file suspicious activity reports after conducting transactions or other services for hemp-related businesses.
Banks had been slow to serve industrial hemp-related businesses despite the cousin to marijuana being removed from federal controlled substance scheduling in the 2018 farm law. There was uncertainty over whether hemp would be subject…
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