The Federal Reserve Board, Federal Deposit Insurance coverage Corporation, Economic Crimes Enforcement Network, Workplace of the Comptroller of the Currency and the Conference of State Bank Supervisors issued a joint press release to clarify the needs for banks that supply economic solutions to hemp companies.
The statement recognizes that below the 2018 Farm Bill, in conjunction with the regulations not too long ago published by the USDA, hemp is a legal crop. As such, banks are not essential to file suspicious activity reports (SAR) if a client is either expanding hemp or operating in other hemp associated companies. Banks ought to comply with the very same procedures for hemp companies as they do for other companies.
Study the joint press release