Tax,
Government,
Banking,
Administrative/Regulatory
Dec. 30, 2019
The legal landscape of banking marijuana businesses
Banks are caught in the between state and federal laws on marijuana. Like any other business, marijuana producers and dispensaries need bank accounts to avoid the costly and dangerous consequences of all-cash dealings.
Fredrick S. Levin
Partner
Buckley LLP
Phone: (310) 424-3900
Email: flevin@orrick.com
Univ of Michigan Law Sch; Ann Arbor MI
Fredrick represents individual and corporate clients in high-stakes complex civil litigation and class actions.
Daniel P. Stipano
Partner
Buckley LLP
Email: dstipano@buckleyfirm.com
Daniel represents clients on anti-money laundering, enforcement, and other regulatory matters, and spent 31 years at the Office of the Comptroller of the Currency, serving as Deputy Chief Counsel, and Director of the Enforcement & Compliance Division.
Katherine L. Halliday
Counsel
Buckley LLP
Email: khalliday@buckleyfirm.com
Katherine represents financial services industry clients in a wide range of litigation matters, including class actions, government enforcement matters, regulatory examinations, and internal investigations.
Benjamin W. Hutten
COunselEmail: bhutten@buckleyfirm.com
Benjamin advises clients on anti-money laundering and sanctions regulations and enforcement matters.
Banks are caught in the between state and federal laws on marijuana. Like any other business, marijuana producers and dispensaries need bank accounts to avoid the costly and dangerous consequences of all-cash dealings. They risk violating numerous federal laws by providing banking services to marijuana-related businesses. Banks are required by the Bank Secrecy Act to implement programs reasonably designed to detect, prevent and report money laundering conducted though...
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