U.S. issues marijuana guidelines for banks
The banking industry says that the new guidelines would not be sufficient to make banks feel at ease
Friday, February 14, 2014
The Obama administration issued guidelines intended to give banks confidence that they will not be punished if they provide services to legitimate marijuana businesses in states that have legalized the medical or recreational use of the drug, even though it remains illicit under federal law. The guidance, which requires banks to vigorously monitor marijuana-industry customers, was provided by the Treasury Department and the Justice Department in separate advisories. The policy does not grant immunity from prosecution or civil penalties to banks that serve legal marijuana businesses, but directs prosecutors and regulators to give priority to cases only where financial institutions have failed to adhere to the guidance. (See also: Legal marijuana businesses should have access to banks, Holder says)
