In July, the Cannabis Financial Industry Group (CFIG), a national group of financial institutions and service providers, published “Program Standards for Cannabis-Serving Financial Institutions,” a resource for baseline banking standards for financial institutions looking to provide or currently providing services to cannabis operators on July 13, 2023. The program aims to help financial institutions better understand the current stringent regulations surrounding cannabis banking programs and the potential changes the SAFE Banking Act or changes to federal regulations may bring in the future.
In a press release CFIG executive director Saphira Galoob said the group’s members have been “actively engaged in congressional conversations as the SAFE Banking Act is moving through the Senate,” to highlight the time and costs associated with maintaining banking compliance in the cannabis industry.
“The release of CFIG’s standards could not be more timely as this bipartisan bill will hopefully advance with the urgency the situation demands and as more states establish or expand their legal cannabis programs,” Galoob said. “It is vital that lawmakers, regulators, and interested banks understand the processes in place to report suspicious activities and ongoing anti-money laundering efforts as the cannabis industry continues to adhere to strict self-regulations in the face of federal prohibition.”