A wing of the U.S. Treasury Department is planning to gather data from banks on marijuana businesses as part of its money-laundering risk oversight.
According to a notice published this week in the Federal Register, the Treasury’s Office of the Comptroller of Currency (OCC) plans to begin collecting the data on cannabis businesses from banks later this year.
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The action will follow a public comment period that ends Aug. 8.
“As new products and services are introduced, existing products and services change, and banks expand through mergers and acquisitions, banks’ evaluation of money laundering and terrorist financing risks should evolve as well,” according to the notice.
The OCC already monitors other industries it considers at risk of money laundering, such as liquor, jewelry and convenience stores.
The notice goes on to assert that the OCC’s money-laundering risk assessment is designed to “better identify those institutions, and areas
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