US issues guidelines for banks to service marijuana businesses Nicholas Tomsho at 11:14 AM ET
[JURIST] The Financial Crimes Enforcement Network (FinCEN) [official website] issued guidelines [text, PDF] on Friday for banks to provide services to legal marijuana-related businesses. The guidance document lists eight priorities in line with those of the Department of Justice (DOJ) [official website] policy of marijuana law enforcement, including preventing the distribution of marijuana to minors and the diversion of the drug out of states where it is legal in some way. The document also suggests a protocol for submitting suspicious activity reports as part of a bank's duty in servicing marijuana businesses. But banks are still wary that the guidelines do not provide sufficient protections to make them confident enough to provide services to the marijuana industry.
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