In a significant move, on June 27, 2025 the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order granting banks and their subsidiaries an exemption from the Customer Identification...more
7/10/2025
/ Banks ,
Customer Identification Program (CIP) ,
Data Collection ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Patriot Act ,
Popular ,
Regulatory Reform ,
Regulatory Requirements ,
Taxpayer Identification Number ,
Third-Party ,
U.S. Treasury
The U.S. Drug Enforcement Agency’s proposal to reschedule cannabis from a Schedule I to a Schedule III drug under the Controlled Substances Act (CSA) has generated considerable buzz across business sectors, including for the...more
8/28/2024
/ Agribusiness ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
Controlled Substances Act ,
Credit Unions ,
DEA ,
Decriminalization of Marijuana ,
Financial Institutions ,
FinCEN ,
Marijuana Related Businesses ,
Popular
On May 16, 2024, the U.S. Drug Enforcement Administration (DEA) released the proposed rule (Proposed Rule) to reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA). The Office of Legal...more
5/20/2024
/ Anti-Money Laundering ,
Comment Period ,
Controlled Substances Act ,
DEA ,
Department of Justice (DOJ) ,
FinCEN ,
Food and Drug Administration (FDA) ,
Marijuana ,
Marijuana Related Businesses ,
Office of Legal Counsel (OLC) ,
Popular ,
Proposed Rules ,
Schedule I Drugs ,
THC
Proponents of marijuana reform have had cause for celebration in 2023. Despite challenges facing the industry, the political and social momentum surrounding cannabis is ticking upward.
Most recently, the marijuana industry...more
10/18/2023
/ Agribusiness ,
Banks ,
Cannabis-Related Businesses (CRBs) ,
Controlled Substances Act ,
Credit Unions ,
DEA ,
Decriminalization of Marijuana ,
Financial Institutions ,
Financial Services Industry ,
Food and Drug Administration (FDA) ,
Insurance Industry ,
Lenders ,
Popular ,
Proposed Legislation ,
Safe Harbors ,
Senate Banking Committee
The world of cybersecurity and privacy have grown exponentially in recent years, both on the federal and state level. A pandemic-driven shift to remote has increased social media interaction and electronic communication, and...more
On October 11, 2022, the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) acted in parallel to issue the first joint action in the cryptocurrency market against Bittrex. Bittrex...more