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The terms cannabis, marijuana, and hemp are often used interchangeably but are significantly different and matter when there is interest in banking businesses that provide these services. Marijuana and hemp are both primary species of the cannabis plant, and cannabinoids (CBD) are derived from hemp When wishing to bank these types of merchants, how do you know the difference? What is required to bank medical marijuana merchants? How do you risk rate and approve the customer? What are red flag issues you should know prior to approving the customer? How do you monitor and what information needs to be documented in your risk assessment, ongoing reviews and your program document? This webinar is perfect for any financial institution interested in banking these types of customers and are uncertain about the risks and for those financial institutions banking these types of customers and need clarification on best business practices for banking these merchants.
- Differentiating between Hemp, CBD Oil, Marijuana and Medical Marijuana Merchants
- How to effectively risk rate at account opening
- Recommendations for performing ongoing monitoring
- Documenting your BSA Program and Risk Assessment
This recording is designed for BSA/AML Officers and Support Staff; Branch management; Customer Service Representatives; Tellers; Call Centers; Electronic Banking; Risk Management; Deposit Operations; Compliance; Internal Audit; Information Security and Executive Management.