Apple to Apples
An independent federal agency has recently cited a Michigan credit union for non-compliance with regulations regarding banking services for the marijuana industry. Consequently, the financial institution has been directed to halt the opening of new cannabis accounts.
The National Credit Union Administration’s cease-and-desist order emphasizes the need for financial institutions to maintain compliance when providing services to marijuana businesses.
The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury, has issued regulations to financial institutions regarding the surveillance and reporting of suspicious activities, including potential money laundering.
The credit union had a manual system, which resulted in the late filing or missed suspicious activity reports.
But what about this –> Cannabis cash transactions aren’t suspicious says IRS
According to the order the credit union waived its right to appeal and agreed to take the following steps:
Immediately cease opening new marijuana accounts and suspend transactional activity on certain existing accounts. Implement an automated system to effectively monitor, identify and file suspicious activity reports in accordance with FinCEN regulations. Engage a third party to validate compliance.
Related Links
Related Articles
What is corruption? U.S. Supreme Court will hear arguments
What is corruption? U.S. Supreme Court will hear arguments that could impact bribery cases in IllinoisThe high court is reviewing a law that’s popular among federal prosecutors — including those pursuing former Illinois House Speaker Michael J. Madigan.A cash-strapped...
MSP Flint post commander rigging promotion exams says lawsuit
Ex-Flint Michigan State Police post commander sued by trooper following internal probeThe former commander of the Michigan State Police post in Flint is alleged to have been providing answers to promotion exam questions to favored officers, while also engaging in...
Paid surrogacy no longer a crime in Michigan
Paid surrogacy no longer a crime in Michigan after Whitmer signs MI Family Protection Act into lawFor over 30 years, individuals in Michigan who sought to build a family through the assistance of a paid surrogate might have encountered potential legal repercussions,...
Why Better Made is suing several Michigan marijuana companies
Better Made vs. Cannabis Companies: A Michigan Trademark DisputeSummary Better Made, is embroiled in a legal battle with over a dozen cannabis businesses in the state. The lawsuit, filed in March 2024, centers on allegations of trademark infringement. Better Made...
More Posts
Understanding Domestic Violence Laws in Michigan
Understanding Domestic Violence Laws in MichiganDomestic violence is a serious issue that can affect anyone, regardless of age, income, or background. If you are...
Macomb Prosecutor issues first charges under new safe storage law
Understanding Domestic Violence Laws in MichiganMacomb County Prosecutor Peter Lucido has filed the first charges under Michigan's new safe storage law following a...
Marijuana grow busted as feds investigate trend in more states
The DEA is investigating international criminal organizations that are operating illegal marijuana grows in about 20 states, including Maine.The significant electricity...
A visit with a kick
POW - Right in the Kisser. Businesses watch out for the lawA Pennsylvania-based convenience store chain was hit with a lawsuit by the Biden administration at the same...
Woman tried to board flight with 56 pounds of marijuana
Woman allowed airport police to check her luggage, had name tag on bags, according to reportsBefore a 21-year-old Memphis woman could board an United Airlines...
You’re too stupid to store a gun properly
The Biden administration once again defends a ban in federal court, arguing that people who use marijuana should be prohibited from purchasing or possessing firearms....
Illegal Firearms in Michigan
Illegal Gun Ownership in Michigan: Insights and StatisticsThe issue of illegal gun ownership in Michigan is a complex one, influenced by various factors ranging from...
Restoring Second Amendment Rights in Michigan
Restoring Your Gun RightsAs of 4/17/24...There is still a second amendment The Second Amendment of the United States Constitution grants citizens the right to bear...
Oregon governor signs a bill recriminalizing drug possession
Oregon governor signs a bill recriminalizing drug possession into lawOn April 1, 2024, Oregon Governor Tina Kotek signed House Bill 4002 into law, effectively...
John Sinclair, the inspiration for Ann Arbor’s Hash Bash, dead at 82
John Sinclair, the poet whose imprisonment for marijuana inspired the start of Ann Arbor’s long-running annual Hash Bash in the 1970s, has died. He was 82.Sinclair's...