U.S. Agency Clarifies Requirements For Working With Hemp-Related Businesses

The U.S. Financial Crimes Enforcement Network (FinCEN) has issued guidance clarifying that financial institutions should conduct due diligence for hemp-related businesses under the Bank Secrecy Act/Anti-Money Laundering regulatory requirements in the same manner as they do for all consumers. The guidance also clarifies when financial institutions are expected to file a suspicious activity report.

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