Federal Reserve Sends Reminder That Hemp Businesses Can Get Bank Accounts

Federal Reserve Sends Reminder That Hemp Businesses Can Get Bank Accounts

A Federal Reserve Bank district is making clear that financial institutions no longer have to automatically treat hemp businesses as suspicious under reporting rules. In a post on the St. Louis Federal Reserve Bank website, the institution clarified that since hemp was federally legalized under the 2018 Farm Bill, banks no longer have to file suspicious activity reports just because a business transaction involves the crop. “Properly licensed industrial hemp producers can now be treated the same as other bank commercial customers for anti-money-laundering regulatory purposes,” the notice published this month states. However, it reiterated that marijuana transactions will continue…

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Source : MJ moment
Link to original : Federal Reserve Sends Reminder That Hemp Businesses Can Get Bank Accounts
reposted by Cannabis News World

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