The Federal Reserve Board, Federal Deposit Insurance coverage Corporation, Monetary 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 deliver economic solutions to hemp firms.
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 expected to file suspicious activity reports (SAR) if a consumer is either increasing hemp or functioning in other hemp-associated firms. Banks must comply with the exact same procedures for hemp firms as they do for other firms.
Study the joint press release