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Sunday, January 24, 2021

Effective Now: New FFIEC Guidelines for Banking Hemp-Related Businesses

Start Date: 7/24/2020 9:00 AM MDT
End Date: 1/24/2021 10:30 AM MST


Organization Name: Independent Bankers of Colorado

Contact:
Tara F. Hunter
Email: thunter@ibcbanks.org
Phone: (303) 832-2000

Effective Now! New FFIEC Guidelines for Banking Hemp-Related Businesses
Friday, July 24, 2020; 9:00 am – 10:30 am MT

Banking hemp-related businesses just got easier!  New FinCEN guidance provides clarity and outlines specific requirements for due diligence and hemp-related SARs.  Learn the ins and outs with this timely webinar.
 
AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Distinguish between a hemp business and a marijuana business under federal law
  • Understand when your bank should file a standard SAR in lieu of a “marijuana” SAR
  • Conduct the specific due diligence required on a hemp business
  • Explain the specific information and documentation your bank must collect for a hemp business
  • Define the differences in your bank’s requirements for a hemp business versus a marijuana business
 
WEBINAR DETAILS
It is crucial for your bank to understand the law for banking hemp and/or marijuana businesses.  On June 29, 2020, FinCEN issued a new guidance which is intended to “enhance the availability of financial services for, and the financial transparency of, hemp-related businesses.”  This new guidance provides clarity to previous interagency statements.  It sets forth your bank’s specific due diligence requirements and SAR reporting requirements for hemp-related businesses.  In fact, this guidance can make your bank’s process easier, but you need to understand how it works.  This webinar will explain it all in detail.
 
WHO SHOULD ATTEND?
This informative session is designed for deposit operations personnel, loan operations personnel, officers, customer service representatives, BSA personnel, compliance personnel, attorneys, and managers.
 
TAKE-AWAY TOOLKIT
  • FinCEN guidance dated 6/29/20, Due Diligence Requirements Under the Bank Secrecy Act for Hemp-Related Business Customers
  • FinCEN guidance dated 12/3/19, Providing Financial Services to Customers Engaged in Hemp-Related Businesses
  • FinCEN guidance dated 2/14/14, BSA Expectations Regarding Marijuana-Related Businesses
  • Employee training log
  • Interactive quiz
 
DON’T MISS THESE RELATED WEBINARS!
Lending to Hemp Businesses,
Including Recent USDA Interim Hemp Production Guidance
, recording available
 Deposit Account Series:
Banking Cannabis Businesses: Hemp, CBD, THC & More
, recording available
 
  MEET THE PRESENTER
Elizabeth Fast, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions.  Elizabeth is the head of the firm’s training division.  She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University.  In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant.  Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.  She is a member of the Missouri State Banking Board by appointment of the Governor.



THREE REGISTRATION OPTIONS – WHAT YOU GET
1. Live Webinar Includes
  • Unlimited connections within your institution to the Live Webinar
  • Handout and Take-Away Toolkit
  • Available on desktop, mobile & tablet
  • Presenter’s contact info for follow-up
 2. Recorded Webinar Includes
  • Recording of the Live Webinar
  • Available two business days following Live date
  • Handout and Take-Away Toolkit
  • Available on desktop, mobile & tablet
  • Free Digital Download, yours to keep
  • Share link with anyone at your institution
  • Presenter’s contact info for follow-up
3. Purchase the BOTH Option to receive all the benefits listed above!