CBA Statement on BSA Expectations Regarding Marijuana-Related Businesses

February 14, 2014

Washington, D.C. (February 14, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, released a statement regarding guidance issued today by the Financial Crimes Enforcement Network (FinCEN), in coordination with the U.S. Department of Justice (DOJ), that clarifies customer due diligence expectations and reporting requirements for financial institutions seeking to provide services to marijuana businesses:

“First, Congress must change federal law which bans the sale and distribution of marijuana. Then all federal regulators must provide clear and precise guidance. Until then, the nation’s 7,000 banks will be highly reluctant to participate in this this new type of “commerce.”

About CBA

The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.