By Dalton Rosario
According to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), there are currently more banks that accept cannabis proceeds than ever before in prohibition history. A total of 486 banks and credit unions support state legalization protocols by providing safe havens for cannabis companies which have traditionally run cash only businesses. This number has increased 20% since the beginning of the year.
Since 2014, FinCEN had established guidelines for banks to follow in their dealings with cannabis proceeds. Though the vast majority of financial institutions are hesitant to do so in fear of misconduct and violating federal regulations that leave banks at risk for money laundry despite statewide legalization. The banks and credit unions which have been most successful in their dealings with cannabis proceeds have done so by imposing large fees for cash deposits and denying account holders the ability to write checks or take loans.
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