FinCEN Changes SAR Guidance in Wake of USDA Rules Update
Posted on 12/03/2019 at 02:19 PM by David Gonzales
On December 3, 2019 the Financial Crimes Enforcement Network (FinCEN) updated previous guidance regarding Suspicious Activity Reports (SARs). Previously banks handling transactions for hemp growers were required to file SARs on all transactions from growers of hemp.
Now, in the wake of hemp’s removal from the list of Schedule I drugs under the federal Controlled Substances Act and USDA rules regulating the growing of hemp SARs will no longer need to be filed on hemp growers’ transactions.
You can read the text of the full FinCEN guidance here.
Categories: Agricultural Law, Banking Law
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