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/.

Leave a Reply

Your email address will not be published. Required fields are marked *

I do this to keep the spammers away * Time limit is exhausted. Please reload CAPTCHA.