On June 29, 2020, FinCEN issued guidance describing how credit unions can conduct due diligence when serving hemp-related businesses. The guidance explains how a credit union may verify that the hemp-related business is in compliance with state, federal and tribal law and reiterates that credit unions must collect and verify beneficial ownership information as they would for all member businesses. FinCEN explains credit unions may take further steps to seek information about the business in accordance with its risk assessment of the business and internal policies.
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