The US Financial Crimes observance Network (FinCEN) released brand new guidance on 14th February with regard to financial institutions seeking to provide solutions to marijuana-related businesses, closing a long silence that has triggered confusion among those in both sectors.
FinCEN pointed out that financial services companies can now work with marijuana-related businesses within states where the drug has been legalized for medical or even recreational purposes. This is offered it is “ in a way consistent with their obligations to know their customers and report feasible criminal activity”.
Said the agency:
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