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#2260875 - 10/07/21 01:05 PM Mentioning Marijuana in policies
JCrabtree Offline
New Poster
Joined: Feb 2012
Posts: 6
We have decided not to bank with marijuana companies. Should we state this in our policy to cover us, or can this cause us any legal problems. Also if a new business customer opens an account, should we have them sign a form stating they won't be involved in marijuana related activities?

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#2260880 - 10/07/21 02:52 PM Re: Mentioning Marijuana in policies JCrabtree
RockChucker, CAMS Offline
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Joined: Jul 2013
Posts: 1,700
The Country
My experience with bank examiners is that they want this listed in your BSA risk assessment. We do have business customers sign something that includes a statement similar to what you mentioned above.
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A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
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#2260947 - 10/08/21 05:01 PM Re: Mentioning Marijuana in policies JCrabtree
fmissle Online
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Joined: Jul 2007
Posts: 1,016
Pac NW
Our policy states something along the lines of "We will not knowingly bank a Marijuana Related Business)" We go on to group MRBs into a few different tiers and note that tier 1 (sell, grow or process) is always a no, tier 2 (think CRE Landlord leasing to a dispensary) is allowed under some circumstance).

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