BSA Expectations Regarding Marijuana Related Businesses- GET THE DATA for Compliance

 

 

FinCEN has outlined 7 due diligence expectations for banks that have contact with Marijuana related businesses (MRBs). These expectations can be reviewed at https://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2014-G001.pdf.

Central to the due diligence expectations is obtaining and reviewing the data pertaining to the licensed MRBs. This data is warehoused in disparate state level government files. Obtaining and updating the data is a complex and arduous task. In response to this industry need, NominoData has created a consolidated file, bringing together all the disparate state by state data into a unified file. This file is now available to the financial services industry. To learn more about this important due diligence data contact rgoldfinger@nominodata.com