Applying BSA Laws and Demystifying Guidance to High Risk Businesses
Friday, December 4, 2020
2:00 – 3:00 pm (Eastern Time)
Cannabis is arguably the fastest growing industry in the world. In the U.S., 33 states and the District of Columbia currently have passed laws broadly legalizing marijuana in some form. As the cannabis industry takes off, everyone from growers to transporters will need a place to put their money. While the number of banks working with marijuana related businesses (MRBs) is steadily climbing, many remain challenged to respond to the rapidly expanding marijuana industry and determine their responsibilities for understanding .
How is your bank responding and what are the responsibilities for monitoring MRBs, Fentanyl and synthetic opioids? This banking law webinar explores the latest developments on banking MRBs, legal businesses selling CBD oils, and Fentanyl and Opioids businesses including the risks, legal requirements, and challenges associated with marijuana business and service providers of MRBs. Attendees will learn the most important considerations for banking these types of businesses. A comprehensive review of current marijuana regulations and BSA/AML compliance requirements will also be provided.
Topics include:
- The current legal and regulatory landscape of banking hemp and marijuana related businesses
- Impact of the Farm Bill and the differences between hemp and marijuana
- Overview and impact of the SAFE Banking Act
- The most important considerations for banking MRBs, Opioid and Fentanyl businesses and businesses that sell CBD oil
- Industry approaches on how to define “marijuana-related businesses”
- Compliance obligations on banking these types of businesses
- Up-to-date guidance of bank regulatory agencies, including the FDIC, Federal Reserve and OCC
- Understanding the legal and compliance risks associated with banking MRBs and their service providers
- Enforcement of BSA/AML laws as the relate to MRBs
- Strategies for retooling compliance programs and beefing up current compliance functions.
BONUS MATERIAL:
This compliance webinar will include a brief payments industry overview and frequently asked questions document to provide to your board of directors
Who Should Attend:
- BSA Officer and support teams
- Risk Management
- Deposit Operations
- Fraud management and support staff
- Compliance Officers and support staff
- Internal Auditors
- Senior Management
Instructor
Dena Somers
Esq / Founder finreg PARTNERS
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance.
Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
Attendance verification for CE credits provided upon request.
Webinar Sponsored by BankersHUB
If you are having issues with registering online, please contact CBAO's Education, Training & Special Event Coordinator, Patti Webb, (614) 610-1877.
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