Change in White House view of Legitimate Marijuana Industry. Impact on Financial Institution Compliance

Published on February 27, 2017
Change in White House view of Legitimate Marijuana Industry. Impact on Financial Institution  Change in White House view of Legitimate Marijuana Industry. Impact on Financial Institution Compliance

It appears from White House statements that any change will be facilitated by DOJ. For the 28 states that have some form of “legalized” commerce the impact will be centered on if they are a recreational or medical marijuana state. There is sure to be a change in how the banking regulators enforce banking MRB rules and how KYC/EDD needs to be conducted to identify people, entities and funds associated with marijuana commerce in reflection of the Trump administration stance.

Things to look for: a revision of the Cole memo by DOJ, change in MRB guidance from bank regulatorary agencies, law enforcement actions in individuals states and announcements from AG Sessions. White House press transcript and cover story can be found at http://www.thecannabist.co/2017/02/24/transcript-sean-spicer-doj-marijuana-recreational-medical/74369/.

If you are with a bank that needs data about licensed MRBs and their Beneficial Owners , NominoData provides these lists. Visit www.nominodata.com