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Are all hemp customers suspicious?

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Do I have to file a SAR on all hemp businesses?

No. Hemp is no longer a Schedule I controlled substance under the CSA, financial institutions are not required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations. You would however file a SAR if the activity was unusual and suspicious.

Learn more about Deborah Crawford’s webinar New Guidance on Banking Hemp Customers from FinCEN

First published on 07/05/2020

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