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#2215156 - 06/06/19 05:09 PM Clarification needed Marijuana Limited SARs
amillikan Offline
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Joined: Apr 2016
Posts: 17
I have been reading a ton of conversations within this forum, articles found online, seminar materials, etc. trying to find out how to correctly file a SAR related to marijuana...and have in the process confused myself. Please Help!

We have a personal checking account for a woman whose husband recently opened a dispensary. We do not have an account for the actual dispensary. However, the wife has recently started bringing cash deposits for her personal checking account. Would I need to file a "Marijuana Limited" SAR or just file a SAR because we believe the funds were derived from Illegal activity?

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#2215158 - 06/06/19 05:14 PM Re: Clarification needed Marijuana Limited SARs amillikan
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,275
Illinois
If you suspect that the funds are being diverted from the dispensary and into a personal account (probably because the dispensary cannot find a banking relationship) I'd be filing a 'marijuana terminated SAR' and exiting the relationship.
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#2215185 - 06/06/19 07:57 PM Re: Clarification needed Marijuana Limited SARs amillikan
Pat Patriot Act Offline
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Pat Patriot Act
Joined: Apr 2009
Posts: 450
Refer to FinCEN guidance (FIN-2014-G001), page 4, footnote 7.

Basically, unless you're filing the SAR because you're providing services directly to a state-registered MRB, you follow standard SAR filing instructions.
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#2216304 - 06/22/19 08:31 PM Re: Clarification needed Marijuana Limited SARs amillikan
IronP2717 Offline
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Joined: Feb 2018
Posts: 126
What about a customer who appears to be totally unrelated to any MRB, but has transactions for online purchase of MRB investing guides? SAR filing? Tier 1,2,3?

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#2216310 - 06/24/19 08:02 AM Re: Clarification needed Marijuana Limited SARs amillikan
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,280
Galveston, TX
online purchase of MRB investing guides?

What are we - the library police now? Why do you care what types of books someone buys or have I misunderstood what you are referring too?
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#2216334 - 06/24/19 04:54 PM Re: Clarification needed Marijuana Limited SARs rlcarey
IronP2717 Offline
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Joined: Feb 2018
Posts: 126
Yes. We are the library police. cool

AML software triggered an alert for a possible MRB. This is all they have done up to this point; purchase instructional guides/videos for investing in MRBs.

I found the Tier 1,2,3 descriptions from ACAMS. In my situation, although it's a commercial business making the purchase, it seems they are just a consumer and not a Tier 2 or 3 service provider to a MRB.

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#2216426 - 06/25/19 07:36 PM Re: Clarification needed Marijuana Limited SARs amillikan
TryingtoComply Offline
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Joined: Apr 2013
Posts: 1,921
The West
Very amusing. There are PLENTY of people right now considering investing in the cannabis industry.
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#2217278 - 07/09/19 08:05 PM Re: Clarification needed Marijuana Limited SARs Pat Patriot Act
amillikan Offline
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Joined: Apr 2016
Posts: 17
Thank you so much. I tend to overthink things and then start questioning myself. I appreciate you!

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