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At BSAAG, FinCEN Tells Anxious Bankers It Could Issue More Marijuana Guidance
By Brian Monroe
printThe nation's financial intelligence unit will weigh whether additional guidance is needed on how banks should treat clients tangentially or directly associated with state-sanctioned marijuana dispensaries, according to sources. During a meeting Wednesday of the Bank Secrecy Act Advisory Group (BSAAG), representatives of the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) fielded questions from bankers on the bureau's February guidance, which outlined how compliance officers could distinguish state-approved dispensaries from clients possibly violating state and federal law. Still unclear is how banks should treat the accounts of third parties that accept money from marijuana dispensaries, whether for wages, commercial...
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