Banks are no longer required to file suspicious activity reports (SARs) for customers engaging in the growth or cultivation of hemp. Under the 2018 Farm Bill, hemp has been reclassified. DEFINITION OF HEMP The 2018 Farm Bill now defines hemp as a variety of cannabis that contains .3% or less tetrahydrocannabinol (THC). By doing this, […]
DISCLAIMER: Our organization does NOT offer Payment Protection Program (PPP) loans. The information presented in this blog post is for informative purposes only. Keep Your Employees on Payroll and Help Cover Operating Costs During COVID-19 The CARES Act Paycheck Protection Program (PPP) is providing a loan option for small businesses through the Small Business Administration […]
Relief for Financial Services Centers & Employees On March 27, 2020, President Trump signed a $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act relief bill that will provide support to those that are experiencing hardships due to COVID-19. The CARES Act includes: Direct payments ($1,200/individuals, $2,400/family, $500/child) to individuals at specified income level […]
As a part of the independent review process and ongoing compliance requirements, transaction monitoring is something that is often overlooked by Money Services Businesses (MSBs). The fundamentals of transaction monitoring are implemented systems to identify and protect institutions from transactions that are not compliant with The Bank Secrecy Act (BSA), Anti-Money Laundering (AML) and Office […]
At this point we’ve all heard of the notorious CoronaVirus (COVID-19) and its rapid spread from country to country. As with any virus, there are various ways it can spread aside from actual human-to-human contact. USA Today reported that studies are now showing that payment systems and platforms including ATM’s, various payment tablets, and credit […]
