The US Financial Crimes Enforcement Network (FinCEN) released new guidance on 14th February for financial institutions seeking to provide services to marijuana-related businesses, ending a long silence that has caused confusion among those in both industries.
FinCEN indicated that financial services companies can now work with marijuana-related businesses in states where the drug has been legalized for medical or recreational purposes. This is provided it is “in a manner consistent with their obligations to know their customers and report possible criminal activity”.
February 14, 2014 at 10:53PM
