The U.S. Treasury Department has formally sent the White House its proposal to start collecting data on marijuana businesses from banks—alongside industries it already tracks like liquor stores, convenience stores, casinos and car dealers—as part of its ongoing efforts to combat money laundering activities.
In a notice published in the Federal Register late last week, Treasury’s Office of the Comptroller of the Currency (OCC) said that it has completed initial procedural steps on the plan, and it will be accepting a final round of public comments as the White House Office of Management and Budget (OMB) conducts a review.
OCC first announced the proposal in June, saying it plans to track marijuana businesses as part of an annual Risk Summary Form (RSF) that needs to be filed by financial institutions. It’s viewed as another sign of the federal government’s recognition of the state-legal cannabis market, even as marijuana remains a federally controlled substance.
“The RSF collects data about different products, services, customers, and geographies (PSCs),” the latest notice says. To that end, Treasury said it wants to add “marijuana-related businesses” to the list of markets it monitors, as well as five other new categories such as crypto assets and ATM
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