The Hemp Farming Act of 2018, as passed in the 2018 Farm Bill, allows farmers to legally grow industrial hemp and makes cannabidiol (CBD) – a hemp byproduct – legal at the federal level. This is big news! Subject to state law, financial institutions can begin opening accounts and lending to industrial hemp and CBD-related businesses. But many questions remain. How can you distinguish a legal hemp crop from an illegal one? What ongoing due diligence and reporting will be expected? What are the SAR implications? Join this informational session to learn the answers to these questions and more!
- What was legalized under the Hemp Farming Act
- Understanding what is and isn’t permitted under your state’s law
- Initial and ongoing due diligence to detect and monitor hemp and CBD activity
- Suspicious activity reporting requirements
- Legislation on the horizon for banking marijuana-related businesses
- Sample policy language
- Hemp/CBD enhanced due diligence worksheet
- Employee training log
- NEW – Interactive quiz
WHO SHOULD ATTEND?
This informative session will benefit new accounts personnel, branch managers, operations personnel, BSA officers, and compliance officers.
PLEASE NOTE: The live webinar option allows you to have one internet connection (from a single computer terminal). You may have as many people as you like listen and watch from your office computer.
ABOUT THE PRESENTER – Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has 17 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.
Originally recorded on June 14, 2019.
Recorded webinar is available until December 31, 2019.
Free Digital Copy included with purchase to download and view beyond link expiration date.
Price includes sales tax.