ACAMS Conference Marijuana Compliance Session a great success- important feedback from those attending
I had the honor this week of presenting at the 21st AML and Financial Crimes ACAMS conference. One of my sessions pertained to the emerging compliance area of banking legitimate marijuana/cannabis businesses. The session content included introduction of the Cole memo ,FinCEN guidance and other important compliance issues. Joining me in presenting were Brian Stoeckert from Stratis Advisory, Anthony A-Rod Rodriguez from AFEX and Lauren Kohr from Metro Bank. Important feedback from the hundreds of AML/Compliance/BSA/Financial Crimes officers who attended included:
Banks are almost universally experiencing contact by legitimate Marijuana related businesses (MRBs) even if they are not in a “legalized marijuana” state.
Retail marijuana transactions include the use of credit and debit cards.
Most banks compliance policies for this new and changing industry are still maturing.
There remains great concern over the conflict with federal and state laws and how the differences complicate the compliance business silo, specifically examination by regulators.
There remains an immediate need to obtain and access complete and current data that is provided by the “legalized states”
For more information about the session content and the Marijuana data that is available from my company NominoData, please comment on this posting and I will provide the information.