Banks Not Required to File SARs on Hemp: Agencies

Dec 04, 2019

As advocated by ICBA, banks will not be required to file suspicious activity reports for customers solely because they are engaged in the growth or cultivation of hemp, federal and state regulators said.

The 2018 farm bill legalized the production and distribution of hemp nationwide. ICBA has asked policymakers to ensure banks do not have to file hemp SARs and to implement a regulatory framework for U.S. hemp production as quickly as possible.

Comments on the USDA's interim final rule, which establishes hemp production guidelines beginning with the 2020 crop year, are due Dec. 31.