Financial Regulators Issue New Pro-Hemp Banking Guidance

Because hemp is no longer a Schedule I controlled substance under the Controlled Substances Act, banks are no longer required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations. For hemp-related customers, banks are expected to follow standard SAR procedures, and file a SAR if indicia of suspicious activity warrants.

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