We've just started a nationwide digital channel for deposit gathering, but we are headquartered in a state where cannabis isn't legal. We've had a clear company policy of not banking companies engaged in anyway with the cannabis industry, but we have a consumer client that works for a cannabis company operating in a medical legal state (came through the digital channel). Our Compliance group wants to apply the "zero tolerance" rule we apply to business clients and close this account. I don't know how you can justify that. He's a gainfully employed tax paying citizen. He's handled his account in an appropriate manner. I escalated to legal counsel. Anyone have a similar policy?

The compliance group should follow bank policy on this. The word "company" sets the standard, and a mere employee at such a company would not fit that mold.

If the compliance group feels the policy isn't appropriate for the bank, it should address the policy with upper management or the board, not make up its own rules.