Credit unions continue to receive inquires about opening business accounts for businesses in Washington’s newly legal marijuana industry. But federal structure has not been determined and credit unions are advised to wait for clear guidance before accepting the accounts.
The passage of I-502 in Washington last November has prompted extensive discussion regarding how credit unions should handle requests to open a business account for a business in the newly legal “marijuana industry.” The NWCUA’s David Curtis offers several factors to consider before deciding whether or not to bank these types of businesses.
FinCEN has released an advisory providing guidance to financial institutions when filing SARS on activities related to third-party payment processors. It is designed to further the Department of Treasury’s efforts to protect against money laundering and terrorist financing.
Both Oregon and Washington States have statutes that legalize medical marijuana, and special interest groups and activists have plans to file initiatives and legislation to expand the legality of marijuana. So, what are the rules for providing services?