Spencer Fane attorney, Rod Nichols was recently interviewed by the Kansas City Business Journal in an article discussing how the legalization of medical Marijuana could affect banks in Missouri.
Titled “Lawyer: Marijuana creates compliance issues for banks,” the article outlined the lack of clarity banks in Missouri face as they try to comply with differing federal and state laws. Suspicious Activity Reports (SAR) are required at a federal level even if marijuana is legal statewide. However, the filing and content of SARs are highly confidential subjects. “So it’s hard to say how financial institutions are dealing with this,” Rod explained. “Presumably, banks are attempting to comply with FinCEN guidance and obligations under the Bank Secrecy Act.”
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