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
This drug will eat your flesh turn your skin green and it’s in Michigan
This illicit drug will eat your flesh, turn your skin green, scaly and it's in MichiganWe did not post any pictures depicting the results of abuse because it is horrifying. If you must see - Google for images of Krokodil.Authorities are warning to be cautious of...
$700 Million Settlement Against Johnson and Johnson – What’s Your Cut?
Attorney General Nessel Reaches $700 Million Settlement Against Johnson and JohnsonYour mom and your dad have been covering you with Johnson and Johnson powder since you were a baby. There was always a cloud of powder in the air as they slapped it on you. It got all...
Bloomfield Hills Doctor Convicted of $6M Medicare Fraud Scheme
JUSTICE.GOVFor Immediate Release Office of Public AffairsA federal jury convicted a Michigan doctor today for causing the submission of over $6.3 million in fraudulent claims to Medicare for medically unnecessary orthotic braces ordered through a telemarketing...
School district says marijuana-related incidents on the rise
School district reports an increase in marijuana-related incidents at schools and calls on leaders to take action.The Detroit Public Schools Community District has observed a substantial rise in the use of marijuana edibles and vape pens within schools. In light of...
More Posts
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...
Disciplining Student’s Speech Violates First Amendment
You go girl!!!A public high school was found to have violated the First Amendment when it suspended a student from her cheerleading team for using profane speech off...
Marijuana reform advocates demand apology from Kamala Harris
So SorryMarijuana reform advocates demand an apology from Kamala Harris for locking up pot smokers and slam her 'political hypocrisy' for now saying no one should 'go...
Cannabis cash transactions aren’t suspicious says IRS
Following The MoneyLarge cash transactions by marijuana businesses should not be automatically flagged as suspicious, as per the latest IRS guidance. The tax agency's...
An Independent Review of the Intoxilyzer 9000
An Independent Review of the Intoxilyzer 9000 Part 1 - Residual mouth alcohol detection Counterpoint Volume 2; Issue 2 - Article 3 (August 2017) An article in the Core...
The Intoxilyzer 9000 (part 1)
The Intoxilyzer 9000 (part 1 of 2)Roll-Out The Michigan State Police (MSP) initiated Intoxilyzer 9000 (Intoxilyzer) training for police officers statewide, commencing...
The Intoxilyzer 9000 (part 2)
The Intoxilyzer 9000 (part 2 of 2)Using it The Intoxilyzer is user-friendly and equipped with a built-in feature to alert officers of any potential issues. As a...
Our Kids are Dying of Drug Overdoses
THE KIDS AREN’T ALRIGHT, THEY’RE DYING OF DRUG OVERDOSESFrom May 2022 to May 2023, the Centers for Disease Control and Prevention reported an alarming 37 percent...
How DUI Charges Impact Your Child’s Future
In Michigan driving is considered a privilege. with this privilege comes immense responsibility, especially when it comes to driving under the influence (DUI) as well...
