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 monetary solutions to hemp companies.
The statement recognizes that beneath the 2018 Farm Bill, in conjunction with the regulations lately published by the USDA, hemp is a legal crop. As such, banks are not necessary to file suspicious activity reports (SAR) if a consumer is either expanding hemp or functioning in other hemp connected companies. Banks ought to comply with the similar procedures for hemp companies as they do for other companies.
Study the joint press release