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Cannabis Banking Regulations
CRB (MRB) laws and regulations for financial institutions and service providers.
About
Comprehensive Guidance on Cannabis Banking Regulations
From federal mandates to state-specific rules, StandardC offers a complete understanding of the current cannabis banking regulations. Our expertise extends to:
CRB Compliance
Cannabis Banking Compliance
- FinCEN Guidance (FIN-2014-G001)
- SAFE Banking Act
- Cole Memo
- FDIC guidance
- NCUA guidance
- Federal Reserve Bank guidance
- State laws and regulations
- Anti Money Laundering (AML) & Bank Secrecy Act (BSA) guidance
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Risk Management
Cannabis Banking Risk Management
- CRB Risk Assessment
- CRB Strategic Planning
- CRB Financial Projections
- CRB Policies & Procedures
- CRB Forms & Templates
- CRB Virtual Site Visit Templates
- CRB Initial and Ongoing Due Diligence
- CRB Training and Consulting
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Tools & Solutions
Cannabis Banking Software & Solutions
- Cannabis Business Virtual Site Visits
- Cannabis License Screening
- Cannabis License Verification
- Cannabis License Monitoring
- Cannabis Transaction Monitoring
- Integrated KYB, KYC, and Customer Due Diligence Platform
- File management, task management, detailed reporting
FinCEN Guidance (FIN-2014-G001)
Banking or providing financial services to the state-licensed cannabis industry is permissible per the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), which is the federal agency that enforces the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) oversight of the U.S. financial system.
BSA Expectations Regarding Marijuana-Related Businesses
“This FinCEN guidance clarifies how financial institutions can provide services to marijuana-related businesses consistent with their BSA obligations …”
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FinCEN, the agency that is responsible for monitoring and protecting the financial system against illicit finance and combating money laundering, issued guidance in 2014 that provides crystal clear instructions for how to bank cannabis.
The primary regulators of banks, including FDIC, OCC & state regulators, act as the primary monitoring and enforcement arm of FinCEN to assess AML/BSA compliance.
There are no regulations that prevent banking state-licensed cannabis businesses.
Banking cannabis & marijuana-related businesses require enhanced initial and ongoing due diligence and monitoring and the use of automation and best practices to ensure effective compliance & risk management controls.
Click here to view/download FIN-2014-G001
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Joint Guidance from the Federal Reserve Bank (FRB), Office of the Comptroller of the Currency (OCC) & FDIC & NCUA
The Federal Reserve Bank’s branches accept cash deposits from bonded armored couriers appointed by a financial institution. These banks and credit unions are permitted to deposit proceeds from state-legal cannabis sales provided the financial institution remains in compliance with its policy and procedures in addition to FIN-2014-G001.
A joint letter issued by the FRB, OCC, FDIC, and NCUA can be viewed by clicking the link below:
For more information please visit the Federal Reserve Bank’s website at www.federalreserve.gov
Federal Deposit Insurance Corporation (FDIC) Cannabis Banking Guidance
The Federal Deposit Insurance Corporation (FDIC) regulates banking institutions across the United States. Large bank-holding corporations and small community banks are all permitted to bank state-licensed cannabis and marijuana-related businesses if the bank’s board of directors enacts a policy enabling its organization to bank cannabis and if the institution implements a risk management and BSA compliance program that includes the prerequisite technology to safely and effectively bank cannabis.
A letter issued by the FDIC can be viewed by clicking the link below:
For more information please visit the Federal Deposit Insurance Corporation’s website at www.fdic.gov
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National Credit Union Administration (NCUA) Cannabis Banking Guidance
The National Credit Union Administration (NCUA) regulates federally chartered and state-chartered credit unions across the United States. Credit unions are all permitted to bank state-licensed cannabis and marijuana-related businesses if the credit union’s board of directors enacts a policy enabling its organization to bank cannabis and if the institution implements a risk management and BSA compliance program that includes the prerequisite technology to safely and effectively bank cannabis.
A letter issued by the NCUA can be viewed by clicking the link below:
For more information please visit the National Credit Union Administration’s website at www.ncua.gov
Federal Cannabis Legislation (Pending & Passed)
The Secure and Fair Enforcement (SAFE) Act (aka SAFE Banking Act) has been introduced multiple times in the United States Congress. Despite popular belief, banking cannabis is already "safe" for financial institutions. According to data from FinCEN, and from StandardC's network of banks and credit unions, there are hundreds of financial institutions that are transparently banking the industry.
The SAFE Banking Act
March 7, 2019
SAFE Banking Act of 2019 (H.R. 1595)
Ed Perlmutter (D-CO) & Jeff Merkley (D-OR)
206 Cosponsors
Passed in the House (Died in Senate Committee)
SAFE Banking Act of 2019 (H.R. 1595)
Ed Perlmutter (D-CO) & Jeff Merkley (D-OR)
206 Cosponsors
Passed in the House (Died in Senate Committee)
March 18, 2021
SAFE Banking Act of 2021 (H.R. 1996)
Ed Perlmutter (D-CO) & Jeff Merkley (D-OR)
180 Cosponsors
Passed in the House (Referred to Committee)
SAFE Banking Act of 2021 (H.R. 1996)
Ed Perlmutter (D-CO) & Jeff Merkley (D-OR)
180 Cosponsors
Passed in the House (Referred to Committee)
Amendment to National Defense Authorization Act
The bill's language was added to the National Defense Authorization Act for Fiscal Year 2022 (NDAA) by amendment on September 21, 2021. A letter to Congress by a bipartisan group of just one fewer than half of U.S. state governors urged passage through the NDAA. The SAFE Banking provisions were removed from the NDAA prior to its being signed into law on December 27, 2021.
The bill was included in the National Defense Authorization Act for fiscal year 2023 passed by the House on July 14, 2022.
The bill was included in the National Defense Authorization Act for fiscal year 2023 passed by the House on July 14, 2022.
Amendment to America COMPETES Act
In January 2022, Perlmutter introduced an amendment to the America COMPETES Act of 2022 that incorporated the SAFE Banking Act. It was passed by the House on February 4. On April 20, 2022, Senator Patty Murray said that the banking amendment was likely to get passed in the America COMPETES Act "in a little over a month" through conference committee negotiations. Murray became the third-ranking member of the party in control of the U.S. Senate in 2016, and is a member of the conference committee.
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