Below is the complete report. Here’s the introduction

Short-term declines within the variety of depository establishments actively offering banking companies to marijuana-related companies (MRBs) could also be defined by filers exceeding the 90 day follow-on Suspicious Activity Report (SAR) submitting requirement.

Several filers take 180 days or extra to file a unbroken exercise report. After 90 days, a depository establishment is not counted as offering banking companies till a brand new guidance-related SAR is obtained.

The variety of depository establishments (DIs) banking marijuana-related companies (MRBs) continues to present a slight decline, which began on the finish of the first Quarter FY2020 (December), and coincided with the discharge of steerage by FinCEN and monetary regulators on offering monetary companies to clients engaged in hemp-related enterprise actions.

The COVID-19 pandemic could also be including to this obvious decline for 2 causes.

• Some MRBs have seemingly been closed throughout this time interval, due to authorities imposed quarantine restrictions.

• Although the 90-day window for submitting persevering with exercise SARs remains to be in impact, decreased staffing at DIs could have brought on extra delays in submitting SARs.

508_295174_MJ Banking Update third QTR FY2020_Public_508 compliant

Source link