Hawaii Division of Financial Institutions Offers Guidance on Banking and Marijuana

The Commissioner of Financial Institutions, Iris Ikeda, presented considerations for banks and other financial institutions when dealing with marijuana related businesses at the Hawaii State Bar Association Convention on Oct. 23, 2015.

Click to view files

Click to view files

“The approval for licensing of medical marijuana dispensaries presents an upcoming challenge for banks,” said Commissioner Ikeda. “Before authorized dispensaries begin doing business, which could be as early as July 2016, banks and other financial institutions dealing with these businesses should take into account regulatory risks posed by the Bank Secrecy Act and Anti-Money Laundering Act.”

The Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI), which regulates state-chartered and state-licensed financial institutions, is in communication with Federal Reserve Bank and Federal Deposit Insurance Corporation (FDIC) regulators on the implementation of Hawaii’s law for medical marijuana.

Outreach to financial institutions with guidance on opening accounts for marijuana related businesses has been conducted by DFI. DFI also hosts a collection of guidance from various federal agencies called “Banking and Marijuana” on its website http://cca.hawaii.gov/dfi/.

Coast Guard Searching for Kona Woman Swept Out to Sea

The Coast Guard and Hawaii County Fire Department are continuing the search Monday for 33-year-old Amber Savant of Kona presumed swept out to sea while free diving Sunday near Kapoho Bay, Big Island.

Amber Savant

Amber Savant

She is reportedly blonde haired, 5-feet 7-inches tall and 140 pounds. She was last seen Sunday wearing camouflage pants, a black tank top, dive weights and carrying a spear gun. She and her diving companion encountered strong tides and currents that immediately swept her offshore during their first dive at 2:30 p.m.

Currently searching are: an MH-65 Dolphin helicopter crew and an HC-130 Hercules airplane crew from Air Station Barbers Point and the crew of USCGC Kittiwake (WPB 87316), an 87-foot coastal patrol boat homeported in Honolulu. Two jet ski crews and a helicopter crew from Hawaii County Fire Department are searching as well as a Navy helicopter crew from the 37th Helicopter Squadron.

On-scene assets have completed 10 sorties and searched a total of 1,914 square miles. Based on currents and drift, the search area extends up to 35 miles (30 nautical miles) off shore.

Watchstanders at the Coast Guard Sector Honolulu Command Center received a report at 2:52 p.m., Sunday, alerting them to the situation. They immediately launched the Dolphin helicopter crew and issued an urgent marine information broadcast requesting the assistance of any mariners in the area. HCFD responded with a helicopter crew and two jet ski crews.

On-scene weather conditions are reportedly 11 mph winds and 5-foot seas.

Anyone with information is asked to contact the Sector Honolulu Command Center at 808-842-2600.