Pot businesses are allowed to open accounts with U.S. banks. The Treasury’s Financial Crimes Enforcement Network issued guidelines for banks that regulate their services to businesses in states where medical or recreational marijuana sales are legal. Under the new regulations, marijuana dealers are allowed to open accounts and use other bank services. The main reason why Congress took this step is suspicious activity of the business and difficulties associated with collecting taxes from an all-cash industry. Officials say this “guidance is going to give more transparency of the marijuana business”. “A financial institution that decides to provide financial services to a marijuana-related business would be required to file suspicious activity reports (“SARs”)”, Treasury said in the statement. Anyway, what happens next will show weather to legalize marijuana was the right decision. It is noteworthy that marijuana use is illegal under federal law. However, 20 states passed laws allowing the sale of medical marijuana, while the District of Columbia and Washington D.C. completely decriminalized the pot business. From now on, bankers will have a clear picture of real turnover of the cannabis market.
