Banks shy away from Oregon's legal marijuana business – Daily Astorian
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Banks reluctant to deal with Oregon’s legal marijuana businesses, fearing federal backlash
SALEM, Ore. (AP) Banks in Oregon are reluctant to deal with the state’s new legal marijuana businesses, because they are afraid of a federal backlash.
The Statesman Journal newspaper reports (https://is.gd/iNDedC ) security something as simple as a checking account can be nearly impossible for cannabis business owners.
There are some exceptions, including Maps Credit Union.
Banks are wary of assurances from federal agencies that if they serve cannabis businesses they won’t face money-laundering charges.
According to marijuana business owners, some banks have told them that serving their businesses could lead to the banks’ losing their FDIC insurance. However, a 2014 directive from the Financial Crimes Enforcement Network, a division of the U.S. Treasury, provides some clarity on the issue.
Banks can serve those businesses, as long as they follow strict anti-money-laundering procedures.
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Information from: Statesman Journal, https://www.statesmanjournal.com
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