Banking institutions are no longer required to file a suspicious activity report (SAR) for hemp-related customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.
That was the key message to come from new interagency guidance issued Tuesday by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), and the Office of the Comptroller of the Currency in consultation with the Conference of State Bank Supervisors.
