OCC Bulletin 2019-61| December 3, 2019

Bank Secrecy Act/Anti-Money Laundering: Joint Statement on Providing Financial Services to Customers Engaged in Hemp-Related Businesses

To

Chief Executive Officers of All National Banks,
Federal Savings Associations,
and Federal Branches and Agencies;
Department and Division Heads;
All Examining Personnel;
and Other Interested Parties

Summary

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Financial Crimes Enforcement Network (FinCEN) (collectively, the agencies) today issued a statement to provide clarity regarding the legal status of commercial growth and production of hemp and relevant requirements for banks1 under Bank Secrecy Act (BSA) and its implementing regulations.

Note for Community Banks

The statement applies to all OCC-supervised banks.

Highlights

In the joint statement, the agencies

  • note that hemp is no longer a Schedule I controlled substance under the Controlled Substance Act.
  • emphasize that banks are not required to file Suspicious Activity Reports on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.
  • explain that when deciding to provide financial services to hemp-related businesses, banks must comply with applicable BSA regulatory requirements.
  • note that marijuana is still a controlled substance under federal law and that in the context of marijuana-related businesses, banks should continue following FinCEN guidance FIN-2014-G001, "BSA Expectations Regarding Marijuana-Related Businesses."

Further Information

Please contact Spencer Doak, Director for Bank Secrecy Act and Anti-Money Laundering Policy, at (202) 649-5470.

 

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

Related Link

1For the purposes of the interagency statement, the term “bank” means each agent, agency, branch, or office within the United States of commercial banks, savings banks, savings and loan associations, thrift institutions, and foreign banks.