High Risk Business of Marijuana: Providing Financial Services to this Industry (MCCA Event)

Presenters:

Guillermo Artiles McCarter & English, Partner

Steve Shine Prudential Financial, VP, Corporate Counsel

Gina Jones Equitable Holdings, Chief Financial Crimes Officer

Charles Smith Prudential Financial, VP, Enterprise Anti-Money Laundering & Sanctions

Daniel Kim JPMorgan Chase, Assistant General Counsel, Global Financial Crimes Legal

Program Level: Intermediate

Duration: 60 minutes

Recorded On: October 16, 2019

Program Description

This session was filmed at the Minority Corporate Counsel Association’s 2019 Creating Pathways to Diversity Conference.

The legalization of marijuana use in various states, in conflict with federal law, has provided unique, complex legal and compliance challenges for the financial services industry. The DOJ’s 2013 Cole Memo, together with guidance from the Financial Crimes Enforcement Network (FinCEN) in 2014, enabled financial institutions to more easily navigate the challenges of providing financial services to Marijuana Related Businesses (MRBs). This has been further complicated by the 2018 rescission of the Cole Memo by Attorney General Sessions. The issues run the gamut from how to deal with the proceeds of marijuana sales under federal criminal anti-money laundering laws, and from lawful medicinal and recreational marijuana transactions, to conducting customer due diligence on MRBs as prospective financial services customers, to fulfilling compliance reporting obligations and considering potential investment decisions. Our panel of legal and compliance experts will explore how the financial services industry manages the high risk business of serving MRBs.

CLE Info

This program is currently available for 1.0 general credit in the following states:

Alabama
Alaska
Arizona
Arkansas
California
Connecticut
Georgia
Hawaii*
Illinois
Minnesota
Mississippi
Missouri
Nevada
New Hampshire
New Jersey*
New Mexico
New York
North Carolina
North Dakota
Oklahoma
Pennsylvania
Tennessee
Texas
Vermont
West Virginia
Wisconsin

In addition, we have applied for credit in the following states, and will promptly update the list above as the program is approved in each such state:

Colorado
Indiana
Minnesota
Ohio
Washington

*In Hawaii and New Jersey, we rely on their reciprocity policies pursuant to which our programs are deemed accredited once they are approved in the various reciprocity states where we apply such as California, Illinois, New York, Pennsylvania and Texas.

For information on attendance reporting, please refer to the CLE Info page.

Presenters:

Guillermo Artiles
Partner, McCarter & English

Steve Shine
VP, Corporate Counsel, Prudential Financial

Gina Jones
Chief Financial Crimes Officer, Equitable Holdings

Charles Smith
VP, Enterprise Anti-Money Laundering & Sanctions, Prudential Financial

Daniel Kim
Assistant General Counsel, Global Financial Crimes Legal, JPMorgan Chase

Program Level: Intermediate

Duration: 60 minutes

Recorded On: October 16, 2019