FINANCIAL TIMES: US regulators gave banks the green light to accept money from legal marijuana businesses but cautioned that they expected financial institutions to conduct “thorough due diligence” and report possible criminal activity.
The guidance from the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Department of Justice is meant to tackle one of the biggest challenges for a growing industry that is legal in a score of states but prohibited by federal law…
The guidance stops short of creating a “safe harbour” from prosecution, the FinCEN official said. But it extends the justice department’s stance, announced last year, that it would not prosecute marijuana businesses that comply with state law where the drug is legal… (more)
