GAO Report Highlights Credit Union Burdens In Cannabis Banking
By CU Today Staff —
WASHINGTON--Credit union concerns are emphasized in a new cannabis banking report released Tuesday by the Government Accountability Office (GAO), America’s Credit Unions reported.
America’s Credit Unions said it connected the GAO with credit unions to ensure the industry’s perspective was included in the report, as it focused on financial institutions serving cannabis-related businesses.
The report highlights the significant Bank Secrecy Act (BSA) compliance burden associated with banking cannabis-related businesses, including recurring SAR filings, enhanced due diligence, dedicated staff, and specialized monitoring.
Originally reported by CU Today.