IBA Compliance Connection

Your go to source for compliance!

We are looking for a training resource for our board of directors to bring them up to speed on the risks our bank will face when Illinois’ adult-use recreational marijuana law goes into effect on January 1, 2020. Can you recommend any guidance specific to the new Illinois law?

—

by

admin

Our first recommendation would be to attend the IBA’s Bank Counsel Conference on December 6, 2019, in Chicago, which will feature two presentations on marijuana-related businesses (MRBs), including one focused on banking direct and indirect MRBs. This all-day conference offers valuable information for both bank counsel and compliance professionals and has been approved for 6.25 CRCM credits.

We also have included a link in our resources to an upcoming webinar on November 19, 2019, that will cover opening accounts for MRBs, although the content will not be not exclusive to Illinois law.

In addition, we expect more resources to become available on this topic in the new year and encourage you to periodically check the Education & Events page on GoToIBA.com.

For resources related to our guidance, please see:

  • IBA Bank Counsel Conference (December 6, 2019) (“The Highs and Lows and Hows of Banking Marijuana Related Businesses . . . Banking growers and dispensaries is complicated enough, but what about all the indirect marijuana-related businesses – employees, landlords, and myriad service providers? No Illinois bank will be left untouched by Illinois’ foray into recreational cannabis next year, and your bank clients need to be prepared for this.”)
  • TTS, Opening Accounts for Marijuana Related Businesses: CIP, CDD, Risk and Monitoring (November 19, 2019) (“Are you going to bank this industry? How will you bank this industry? What is going on at the federal level? All of these questions will be addressed during this program on how to bank marijuana related businesses (MRBs) and the risk it entails. . . . All marijuana rules are not the same from state to state. You will receive all 50 laws on cultivation, retail, dispensaries, hemp, oil and licensing requirements if any.”)