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
Michigan Appeals Court Decision on Cannabis Use and Probation
Michigan Court of Appeals - Recreational Cannabis Use and ProbationRecently, another pivotal case, People v. Lopez-Hernandez, was decided by the Michigan Court of AppealsAt Komorn Law, we are dedicated to protecting the rights of our clients and staying at the...
Facial Recognition and Wrongful Arrests
Facial RecognitionHow Technology Can Lead to Mistaken-Identity Arrests Facial recognition technology has become increasingly prevalent in law enforcement, but its use raises critical questions about civil liberties and accuracy. One landmark case sheds light on the...
Government Drones in Your Life – Yes, They Made up a Reason
Long Lake Township v. Maxon The Costs Outweigh Benefits in Exclusionary Rule Application and the Slippery Slope of Fourth Amendment ProtectionsThe recent decision by the Michigan Supreme Court in Long Lake Township v. Maxon represents a significant shift in the...
Oakland County Sheriff’s deputy fatally shot in ‘ambush’ while following stolen car
Oakland County Sheriff's deputy fatally shot in 'ambush' while following stolen carA deputy investigating a stolen car was shot to death Saturday night in Detroit in what Oakland County Sheriff Michael Bouchard called an ambush. Oakland County Sheriff's Deputy Bradley...
More Posts
Warrantless Searches in Michigan
I don't need a warrant for that...In Michigan, as in the rest of the United States, the Fourth Amendment of the fading Constitution provides individuals with protection...
One of Michigan’s Top DUI Attorneys
We aggressively defend all aspects of traffic law, from simple civil infractions to more serious alcohol and drug-related offenses. Don't wait till the last second to...
Michigan DUI Laws and Consequences – Second Offense
Michigan DUI Laws and Consequences – Second Offense Operating Under the Influence (OUI) is a serious offense in Michigan. If someone is caught driving under the...
Federal Ban on Owning Firearms by Cannabis Consumers is Unconstitutional Court Says
Federal charges against a non-violent, cannabis-using gun owner were unconstitutional.A federal appeals court panel upheld a lower court's ruling on Wednesday,...
AG Nessel joined 21 attorneys general to regulate the sale of firearms
Extreme Risk Protection Order to prevent individuals from possessing or owning a firearm for eight years following their conviction. That legislation was signed into...
Michigan DUI Laws and Consequences – First Offense
First Offense DUI in Michigan: Laws and ConsequencesFacing a first offense DUI in Michigan can be daunting as the implications are significant and the legal landscape...
Court Ruling – No bonus for growing weed
COURT RULING – SORRY NO BONUS FOR GROWING CANNABISA marijuana farm worker is unable to succeed in his breach-of-contract lawsuit regarding a $100,000 bonus he claims to...
Cannabis workers claimed employer violated labor laws
Allegedly had to put on company-issued personal protective equipment (“PPE”) (such as masks, hair nets, arm sleeves, gloves, scrubs, and protective shoes) before...
The MSP is Concerned About Your Privacy (Vehicle Information)
Is the Michigan State Police really concerned about your Driver License and Motor Vehicle Information privacy?Here's what they say on their websiteThe Michigan State...
The MSP is Concerned About Your Privacy (Biometric Information)
Is the Michigan State Police really concerned about your DNA / biometric privacy?Here's what they say on their websiteThe Michigan State Police (MSP) is committed to...
