FinCEN guidance on due diligence for hemp-related customers

FinCEN has issued Guidance FIN-2020-G001 to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers. The guidance:

• Explains how financial institutions can conduct due diligence for hemp-related businesses
• Identifies the type of information and documentation financial institutions can collect from hemp-related businesses to comply with BSA regulatory requirements
• Is intended to enhance the availability of financial services for, and the financial transparency of, hemp-related businesses in compliance with federal law
• Supplements the December 3, 2019, interagency statement on providing financial services to customers engaged in hemp-related businesses
• Does not replace or supersede FinCEN’s previous guidance on the BSA expectations regarding marijuana-related businesses