International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Friday, August 15, 2014

FinCEN: Some Banks Banking Marijuana Dealers

Unknown-1As we reported earlier, there has been new guidance by FinCEN on banking marijuana dealers in legal states.  In an article in the Denver Post, it is reported that "[m]ore than 100 banks nationally say they are working with legal marijuana businesses and their affiliates, the first indication that federal guidance on how that relationship should operate is taking hold, a federal official said Tuesday."

"FinCEN director Jennifer Shasky Calvery told a Washington, D.C., conference on anti-money laundering that the reports — called suspicious activity reports and required by federal law — show that banks are banking with pot businesses."

Unknown"'From our perspective the guidance is having the intended effect,' Shasky Calvery said, according to a copy of her prepared remarks made available on the agency's website. FinCEN is a U.S. Department of Treasury bureau."

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