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
The MSP and Your Privacy (Criminal History)
Is the Michigan State Police really concerned about your criminal history privacy?Here's what they say on their websiteThe Michigan State Police (MSP) is committed to...
The 6th Amendment – Do You Know What It Is?
The 6th Amendment: is it still a thing?The 6th Amendment to the United States Constitution is a crucial pillar of the Bill of Rights, designed to ensure fair and just...
The US Supreme Court and Federal Gun Law Cases
The US Supreme Court and Federal Gun Law CasesChallenges to Federal Gun Laws the right of the people to keep and bear Arms, shall not be infringed Updated July 8, 2024...
Do Passengers in a Vehicle have 4th Amendment Rights?
Do Passengers have 4th Amendment Rights?Michigan Supreme Court Limits Police Ability to Search Passenger Property in CarsBackground Mead was a passenger in a car and...
Do Students Have 4th Amendment Rights in Schools
Students and 4th Amendment RightsStudents are entitled to a right to be safe from unreasonable searches and seizures even within school premises, as ruled by the...
Forfeiture Law: SCOTUS and Sixth Circuit Issue Landmark Rulings
Forfeiture Law in Focus: SCOTUS and Sixth Circuit Issue Landmark RulingsThe landscape of forfeiture law has been significantly shaped by recent decisions from the U.S....
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...
People v. Chandler Case: Protecting Fourth Amendment Rights
Court of Appeals of Michigan PEOPLE of the State of Michigan, Plaintiff-Appellee, v. Javarian CHANDLER, Defendant-Appellant. No. 368736 Decided: June 27, 2024Before:...
MI Lawyer Weekly – Michigan’s Go To Lawyers for Cannabis Law
Please join us in congratulating our inaugural Michigan’s Go To Lawyer for cannabis law. Michael Komorn, Komorn Law, Farmington HillsMichigan Lawyers Weekly is pleased...
Chinese-funded marijuana farms springing up across the U.S.
Inside the Chinese-funded and staffed marijuana farms springing up across the U.S.During a farm inspection, New Mexico state special agents discovered an excessive...
