• New Regulations from Washington.
  • Insurance Companies Are Also Subject to Dodd-Frank Rules.
  • New Banks and Old Are Changing the Way They Do Business Because of Dodd-Frank.
  • Hedge Funds Will Try to Delay As Much As Possible However They Are Required to Comply.
The following rules will apply to each Cannabis business unit for Compliance.

BSA/AML Compliance

Since 1970, Congress has enacted multiple measures to hinder criminal money laundering. At the foundation of it all is the Bank Secrecy Act (BSA), which requires traditional banks, credit unions and thrifts, as well as non-bank financial institutions, securities dealers and money services businesses, to keep specific records of events that could signal the occurrence of money laundering.

The Financial Crimes Enforcement Network (FinCEN) is the administrator of BSA. Over the years, BSA has been strengthened through subsequent anti-money laundering (AML) laws. This includes parts of USA PATRIOT Act compliance, which focus on money laundering in the form of terrorist financing.

PCI
The Payment Card Industry Data Security Standard (PCI DSS) is a proprietary information security standard for organizations that handle branded credit cards from the major card schemes including Visa, MasterCardAmerican Express, Discover, and JCB.
 
SAR
A Suspicious Activity Report (SAR) is a document that financial institutions must file with the Financial Crimes Enforcement Network (FinCEN) following a suspected incident of money laundering or fraud. These reports are required under the United States Bank Secrecy Act (BSA) of 1970.
 
K
​YC​
Know your customer (KYC) is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks' services are not misused. The KYC procedure is to be completed by the banks while opening accounts.
 
 

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