Skip to content

CDD requirements for hemp related businesses

Question: 
Can we automatically classify all of our hemp farmers as low risk since hemp is legal in our state?
Answer: 

Not really. While recent FinCEN hemp guidance allows financial institutions to make a risk based decision on how much CDD or EDD to collect on their hemp customer, it does not absolve the financial institution of its responsibility to collect CDD on hemp related businesses in accordance with BSA regulatory requirements..

--------------------------

Learn more about Robin Guthridge’s

Managing Cannabis Risk webinar.

First published on 06/20/2021

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics