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
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.
More Posts
AVVO Ratings and Reviews Update Aug 2016
Michael Komorn’s reviews 5.0 stars - 23 Total Avvo Rating: 10.0 out of 10 Cases dismissed 5.0 stars Posted by Ryan August 24, 2016 I had two...
US Dept of Justice letter regarding prosecution for marijuana
Attorney General Eric Holder's speech regarding dropping mandatory minimums for many drug crimes is already making an impact. Read the letter from the DOJ
Clio marihuana dispensary fighting Genesee County Prosecutor’s office in court
CLIO (WJRT) - (04/25/16) - A Mid-Michigan marihuana dispensary is fighting the Genesee County Prosecutor's office in court after FANG shut them down. The owner of the...
New Roadside Drug Test
What is the law? The Michigan legislature has passed into law a one-year pilot program set up in five counties that allows for Michigan State Police to perform...
Why Are Michigan Prosecutors Reassessing Their Cases Against Medical Marijuana Patients?
Trying to understand why prosecutors in St. Clair County, Michigan, suddenly decided to drop their case against Ginnifer Hency, a medical marijuana patient and...
Attorney: Crime labs ‘falsified’ marijuana reports
A Southfield lawyer alleges the Michigan State Police crime labs have “falsified lab reports on marijuana statewide” and he’s asking a judge to dismisses charges lodged...
Clio marihuana dispensary fighting Genesee County Prosecutor’s office in court
CLIO (WJRT) - (04/25/16) - A Mid-Michigan marihuana dispensary is fighting the Genesee County Prosecutor's office in court after FANG shut them down. The owner of the...
Medical marijuana patients reunited with son after lengthy court battles, unfounded drug charges
SPRING LAKE, Mich. -- After 18 months, a Spring Lake family's son is out of foster care and reunited with his parents. Yet the fight to be together, through court...
Komorn Law Secures Release Of Lorincz Child From CPS in Marijuana Custody Case
“This is one of those cases in an attorney’s career that is not easily forgotten, and is a reminder to me of the reason I became an attorney.” – Michael Komorn,...
Komorn AVVO Reviews
Research no further, call Komorn. 5.0 stars Posted by a client December 31, 2015 Hired attorney After an incident involving my medical marihuana grow, I found myself...
