News & Analysis as of September 8, 2025

Financial Institutions

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

Gordon Rees Scully Mansukhani on 5/22/2025

The evolving regulatory landscape for marijuana-related businesses poses unique compliance challenges for firms in the securities industry. The Financial Crimes Enforcement Network (“FinCEN”) continues to enforce its 2014...more

NY Office of Cannabis Management Launches Banking Directory to Support Cannabis Businesses

Harris Beach Murtha PLLC on 2/11/2025

The New York State Office of Cannabis Management (“OCM”) recently announced it has created a Cannabis Banking Directory (the “Directory”), which currently lists 10 financial institutions servicing cannabis businesses and open...more

Navigating the Hazy Landscape: Challenges and Solutions in Cannabis Payment Processing

Goodwin on 3/6/2024

The sale of adult-use cannabis has been legalized in 24 states in the United States. But this does not mean there are no other legal impediments to the cannabis industry in those jurisdictions. For example, cannabis...more

Cannabis Law Now Podcast: Cannabis Banking from the Inside: An Interview with Salal Credit Union

Husch Blackwell LLP on 2/20/2024

Due to current federal law, cannabis businesses notoriously cannot access financial institutions, even just for depository accounts. In 2014, the Financial Crimes Enforcement Network (FinCEN) released guidelines that opened...more

Cannabis Banking: What’s a Financial Institution to Do Right Now?

Husch Blackwell LLP on 11/20/2023

When I started representing cannabis businesses in 2010, the biggest epidemic in the industry next to I.R.C. 280E was the overwhelming lack of cannabis banking. This inability to access financial institutions for just...more

The Corporate Transparency Act and Its Connection to Cannabis

Troutman Pepper Locke on 11/15/2023

I. Introduction - Effective on January 1, 2024, the Corporate Transparency Act (CTA) will require all nonexempt entities to report certain identifying information of its beneficial owners (as defined below) and company...more

Cannabis Banking: Will the SAFE Banking Act Finally Pass?

Bradley Arant Boult Cummings LLP on 6/22/2022

One of the largest headwinds facing the cannabis industry is the lack of access to banking services. Many financial institutions refuse to serve the multibillion-dollar cannabis industry given the regulatory uncertainty...more

Cannabis Banking: An Update on the SAFE Banking Act

Bradley Arant Boult Cummings LLP on 8/26/2021

Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE...more

SAFE Banking Act, Protecting Financial Partners of Cannabis Businesses, Likely to Become Law

Harris Beach Murtha PLLC on 3/26/2021

A bill to protect financial institutions that offer services to state-legal marijuana-related businesses was recently reintroduced by a bipartisan group of over 100 members of the House. The Secure and Fair Enforcement (SAFE)...more

The Benefit of Achieving Tier III Classification for Marijuana and Cannabis Related Businesses

Mitchell, Williams, Selig, Gates & Woodyard,... on 1/6/2021

In 2020 the legal segment of the marijuana industry exceeded $10 billion dollars in the United States with California alone generating $3.1 billion in sales in 2019, and Colorado in a close second at $1.6 billion. With the...more

Credit Unions Ask Senate Banking Committee to Make Cannabis Banking Safe

Carlton Fields on 2/14/2020

In the latest chapter of the ongoing saga of the U.S. Senate’s consideration and hopeful passage of the Secure and Fair Enforcement (SAFE) Banking Act, on February 7, 2020, the Credit Union National Association (CUNA) sent a...more

The House Passes Cannabis Banking Legislation: Implications for the Financial Services Industry

White & Case LLP on 10/9/2019

On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more

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FinCEN › Cannabis-Related Businesses (CRBs) › Financial Institutions

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