Complimentary Webinar, courtesy of Thomson Reuters
Marijuana is a large and ever-growing business. Medical marijuana is now legal in 34 states and the District of Columbia, and recreational marijuana is legal in 10 states plus D.C.It is no wonder financial institutions see this as a big business opportunity.
Yet, marijuana remains illegal under federal law even in states that have legalized it for medical or recreational purposes. U.S. cannabis reform efforts have made some progress with proposed legislation such as the SAFE Banking Act, which would protect financial institutions that serve state-legal marijuana businesses. Despite some reform efforts, financial institutions ultimately remain skeptical of banking marijuana businesses, concerned with violating existing laws.
In this webinar, experts give their perspectives on the state of play in legal marijuana, explore how the industry is currently accessing financial services, and provide insights for financial institutions dealing with marijuana-related businesses.
Attendees will learn:
- Current issues and viewpoints on banking marijuana-related businesses (MRBs)
- Regulatory guidance from the U.S. Department of Justice and FinCEN, and areas of potential conflict with applicable state laws
- Best practices and industry standards for financial institutions to effectively monitor marijuana-related businesses
- Alternative methods used by MRBs to access financial services
This webinar is eligible for 1 CFCS credit. A recording of the presentation, slides, and certificate of participation will be available for ACFCS members only.
About the Presenters
Jim Richards, Founder & Principal - RegTech Consulting
Jim Richards has three decades of experience leading large bank financial crimes programs. A published author, accomplished public speaker, with a unique blend of law enforcement, prosecutorial, and private sector experiences across all facets of financial crimes risk management. Program and governance leadership, including board-level reporting, as well as design and implementation of AML surveillance and analytics systems. He is a senior risk professional known as a pioneer of, and leader in, the field. Prior to forming RTC in April 2018, Jim was an Executive Vice-President, the Bank Secrecy Act (BSA) Officer, and Global Director of Financial Crimes Risk Management for Wells Fargo & Co. As BSA officer, he was responsible for governance and program oversight for BSA, anti-money laundering (AML), and sanctions for Wells Fargo’s global operations. As director of the global financial crimes risk management group, he was responsible for governance and program execution of BSA, AML, counter-terrorist financing (CTF), external fraud, global sanctions, financial crimes analytics, and high-risk customer due diligence. Jim was a member of the Wells Fargo management committee and enterprise risk management committee. Jim also represented Wells Fargo with the Bank Secrecy Act Advisory Group (BSAAG), US Department of the Treasury. Prior to his role with Wells Fargo, Jim was the AML operations executive at Bank of America.
Gabriel Hidalgo, Managing Director, K2 Intelligence
Gabriel “Gabe” Hidalgo, a managing director at K2 Intelligence, has 20 years of legal, regulatory compliance, and Anti-Money Laundering (AML) experience working with wholesale and retail banks, FinTech companies, broker/dealers, and money services business entities. Gabe is a recognized subject-matter expert in the cryptocurrency and digital assets market and is able to help clients navigate and mitigate Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance risks as they strive to keep up with the latest developments occurring within the new value-transfer digital asset marketplace, establish new banking relationships, and satisfy regulatory requirements domestically and internationally. Gabe also works with FinTech companies to establish dynamic and comprehensive compliance programs that incorporate the essential elements for sound oversight—effective governance and management controls, clear and practical policies and procedures, efficient transaction monitoring and sanction screening systems, comprehensive training, and sound quality assurance controls. Prior to joining K2 Intelligence, Gabe served as chief compliance officer for Noble Bank International, a new innovative bank providing transactional settlements for various asset classes including cryptocurrency, FX, energy, and precious metals. Prior to that, he served as senior vice president/chief compliance officer for Community Federal Savings Bank (CFSB), where he led the team charged with formulating compliance solutions for new and constantly evolving FinTech payment products. Gabe was also responsible for compliance oversight over CFSB’s retail, merchant services and payments, and mortgage banking lines of business. Before joining CFSB, Gabe served as senior vice president/head of global and U.S. compliance for itBit, the first U.S.-regulated virtual currency financial institution able to accept customers nationwide.
Gina Scialabba Jurva, Manager, Thought Leadership, Thomson Reuters Legal Executive Institute
Gina (Scialabba) Jurva, Esq., is an attorney and Manager, Thought Leadership for Enterprise Content – Corporates & Government for the Thomson Reuters Legal Executive Institute. Gina works on solutions to some of the world’s most pressing fraud issues including anti-money laundering (AML), e-commerce fraud, and government fraud, in addition to risk and regulatory compliance.
In previous roles at Thomson Reuters, Gina worked as the Manager for the Risk & Compliance platform. She was also a Senior Legal Writer and Editor. Additionally, she spent a combined 11 years as a deputy district attorney handling both misdemeanor and felony cases and later, her own legal practice defending clients in criminal matters.