Banks Are No Longer Required to Report Hemp Cultivators as Suspicious, Regulators Say

Banks Are No Longer Required to Report Hemp Cultivators as Suspicious, Regulators Say

Federal and state banking regulatory officials recently issued a joint statement on December 3 confirming that banks are no longer needed to file a suspicious report on customers solely because they are involved in the cultivation or growth of hemp in accordance with applicable rules and regulations.  Last year, the federal government removed hemp from the list of controlled substances and legalized its production for consumer use. It defined hemp as cannabis containing no more than 0.3% THC on a dry weight basis. The Agricultural Improvement Act of 2018 directed the United States Department of Agriculture to establish a federal program and guidelines for the cultivation of hemp in the U.S.  The USDA issued an interim final rule on October 31, which outlines a plan for state and Indian tribes that want to retain primary regulatory authority over hemp production and a federal licensing plan for producers in tribal territories and states that do not have their own USDA-approved plans. The interim final rule was applicable upon publication, with a comment timeline closing on December 30.    Agency Guidance The joint statement issued this week by the Federal Deposit Insurance Corp. and the Federal Reserve Board, the Office of the…

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Source : Cannabis Radar
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