The Financial Crimes Enforcement Network (FinCEN) is issuing this steering to deal with questions associated to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory necessities for hemp-related enterprise clients. This steering explains how monetary institutions1
1. See 31 CFR § 1010.100(t) (defining “financial institutions”). can conduct due diligence for hemp-related companies, and identifies the kind of info and documentation monetary establishments can acquire from hemp-related companies to adjust to BSA regulatory necessities. This clarification is meant to boost the provision of monetary companies for, and the monetary transparency of, hemp-related companies in compliance with federal regulation. This steering dietary supplements the December 3, 2019 interagency assertion on offering monetary companies to clients engaged in hemp-related companies (December Hemp Statement).