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
$87 million in adult-use marijuana payments to be sent out across Michigan
The Michigan Department of Treasury today announced that more than $87 million is being distributed among 269 municipalities and counties as a part of the Michigan Regulation and Taxation of Marijuana Act. Over the next few days, 99 cities, 30 villages, 69 townships...
Protest about marijuana and tobacco sales to kids
Protest about marijuana and tobacco sales to kidsWatch the report here on Channel 7 WXYZ TV Detroit (who disabled the embedding feature)Related ArticlesMore Posts
Michigan: No Evidence of Widespread Discriminatory Policing Practices
No Evidence of Widespread Discriminatory Policing PracticesNever Ending Quest January 18, 2024 In the department’s continuing work to research and address racial disparities in traffic stops, independent consulting firm CNA has determined that racial disparities...
DEA – AG Miss Deadline to Respond on Cannabis Rescheduling
The Drug Enforcement Administration persists in maintaining secrecy around their process, disregarding a congressional request for transparency.Never Ending StoryThe Drug Enforcement Administration (DEA) and Attorney General Merrick Garland missed a Feb. 12 deadline...
More Posts
You’re too stupid to store a gun properly
The Biden administration once again defends a ban in federal court, arguing that people who use marijuana should be prohibited from purchasing or possessing firearms....
Illegal Firearms in Michigan
Illegal Gun Ownership in Michigan: Insights and StatisticsThe issue of illegal gun ownership in Michigan is a complex one, influenced by various factors ranging from...
Restoring Second Amendment Rights in Michigan
Restoring Your Gun RightsAs of 4/17/24...There is still a second amendment The Second Amendment of the United States Constitution grants citizens the right to bear...
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...
