Up-in-Smoke: A Cannabis Industry Guide to Managing Regulatory and Banking Relationships
May 25, 2022
12:00PM - 2:00PM ET
We present a three-part series outlining the legal environment, the business model, and the financial relationships of the cannabis industry. The three workshops delve into the AML/CFT requirements of the cannabis industry. In Workshop 2, we take the bank's perspective in discussing CRB risks. We examine the enhanced due diligence and possible audit requirements necessary to get FIs comfortable with the ongoing relationship.
Determining when to start banking a CRB by beginning with your risk appetite statement
Assessing CRBs’ internal controls – what needs updating from client reviews, ongoing training to updating senior management
Focusing on the key areas to ensure uniform cannabis risk management practices
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