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
Security Systems – You should have one!!
For most... a security video system is a tool to protect themselves from liability, false accusations and identify activities around their home or business. For some,...
What’s required of you in a Michigan traffic stop?
July 24, 2015 Dashcam video released this week from a traffic stop shows how a confrontation between a Texas woman and the arresting officer escalated. Given the...
Detroit police make arrests at marijuana dispensary
The Detroit police raided and made arrests at marijuana dispensary in an article in the Detroit Free Press from July 14, 2015. Detroit police arrested two people and...
Michigan Medical Marihuana Patient Bill of Rights
On November 8th, 2008, by a majority of 63 percent, the citizens of the State of Michigan voted into law the constitutional initiative, Initiated Law 1 of 2008,...
Colorado Supreme Court: Employers can fire for off-duty pot use
The Colorado Supreme Court ruled Monday Jun 15, 2015, that Employers’ zero-tolerance drug policies trump Colorado’s medical marijuana laws. In a 6-0 decision,...
How a sex toy put spotlight on Michigan civil asset forfeiture laws targeted for reform
The headlines read... "How a sex toy put national spotlight on Michigan civil asset forfeiture laws targeted for reform" "State Legislators Reconsider Forfeiture...
Reform Today’s Forfeiture Laws
Everyday, I get calls to my office from medical marijuana patients and caregivers who have been raided or pulled over by police. Often times, these individuals are not...
KOMORN LAW NEWSLETTER ISSUE #1 May 2015
The Michigan Legal Advisor News Letters. Read the current newsletter from Michigan's #1 Medical Marijuana Defense Attorney Michael Komorn. KOMORN LAW NEWSLETTER ISSUE...
Attorney Michael Komorn Lectures Students at the U of M Law School
I wanted to give a huge thanks to University of Michigan Law School Professors Howard Bromberg, Mark Osbeck and Law School class. This past Thursday I had the honor of...
Jury Selection In Marihuana Cases
A jury trial is fundamental to our democratic system of government. Every American citizen should embrace this responsibility by participating, and ensure justice...
