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Feds Issue First-Ever Order Against Credit Union for Cannabis Guideline Noncompliance

Feds Issue First-Ever Order Against Credit Union for Cannabis Guideline Noncompliance

The federal National Credit Union Administration (NCUA) Board last month issued its first-ever administrative order against a financial institution for non-compliance with Financial Crimes Enforcement Network’s (FinCEN) rules for serving the cannabis industry.

The order against Michigan’s Live Life Federal Credit Union includes a consent to a cease-and-desist in which the credit union – without admitting to any wrongdoing – must “implement an automated system to effectively monitor and identify all transaction for suspicious activity” which must “include functions to support compliance with FinCEN requirements for Marijuana-Related Businesses (“MRB”).”

Feds Issue First-Ever Order Against Credit Union for Cannabis Guideline Noncompliance

Feds Issue First-Ever Order Against Credit Union for Cannabis Guideline Noncompliance






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