Banks have finally been given the green light to work with marijuana businesses.
According to the Denver Post, both the U.S. Department of Justice and Financial Crimes Enforcement Network agree that the decision allows for "greater financial transparency." However, though banks are allowed to accept money from the legal marijuana industry, they are still required to fill out reports naming clients involved in practices classified as illegal by federal law.
Furthermore, FinCEN believes this will allow authorities to better understand how the marijuana business operates. "Now that some states have elected to legalize and regulate the marijuana trade, FinCEN seeks to move from the shadows the historically covert financial operations of marijuana businesses," director Jennifer Shasky Calvery told the Post.
Still, many banks are seeking legislative guidance from Congress before proceeding. "We're still not going to bank them," FirstBank executive vice president Jim Reuter said, adding that "there's simply too much at stake."
For now, they have been provided with a list of guidelines, which can be read below.
[via The Denver Post]