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Banking Cannabis: Risk vs. Reward fo...

Crozier, Seanne R.

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Banking Cannabis: Risk vs. Reward for Small Federally Regulated Community Banks.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Banking Cannabis: Risk vs. Reward for Small Federally Regulated Community Banks./
Author:	Crozier, Seanne R.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	35 p.
Notes:	Source: Masters Abstracts International, Volume: 81-04.
Contained By:	Masters Abstracts International81-04.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=22620472
ISBN:	9781687905444

Banking Cannabis: Risk vs. Reward for Small Federally Regulated Community Banks.
Crozier, Seanne R.

Banking Cannabis: Risk vs. Reward for Small Federally Regulated Community Banks. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 35 p.

Source: Masters Abstracts International, Volume: 81-04.

Thesis (M.S.)--Utica College, 2019.

This item must not be sold to any third party vendors.

The current struggle between states legalization of medical and recreational marijuana and the current federal Controlled Substance Act listing marijuana as a Schedule 1 narcotic has left legalized marijuana related businesses without the ability to bank. Federally and state-chartered institutions have a quandary, does the risk of banking a marijuana related business outweigh the potential benefits? If a financial institution decides to bank a marijuana related business, they are at risk of violating Bank Secrecy Act and Anti-Money Laundering laws. Laws so punitive, they could potentially put smaller community banks out of business. The ramifications are not just felt by the financial institutions but by the marijuana related businesses and law enforcement as well. Marijuana related businesses are placed at higher risk for robberies due to the large volumes of cash kept on site, placing the employees in continuous harm's way. Law enforcement is required to respond to the growing number of burglaries and robberies of the marijuana dispensaries due to the cash nature of the business. Legislators, law enforcement and the financial industry need to develop a solution that alleviates punitive damages for the financial industry, creates a more secure environment for the marijuana related businesses and allows law enforcement to focus their energy on removing illicit actors from the marijuana related industry instead of responding to robberies.

ISBN: 9781687905444Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Jurisdictive

Banking Cannabis: Risk vs. Reward for Small Federally Regulated Community Banks.
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245 1 0 $a Banking Cannabis: Risk vs. Reward for Small Federally Regulated Community Banks.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2019
300 $a 35 p.
500 $a Source: Masters Abstracts International, Volume: 81-04.
500 $a Advisor: Rebovich, Donald.
502 $a Thesis (M.S.)--Utica College, 2019.
506 $a This item must not be sold to any third party vendors.
520 $a The current struggle between states legalization of medical and recreational marijuana and the current federal Controlled Substance Act listing marijuana as a Schedule 1 narcotic has left legalized marijuana related businesses without the ability to bank. Federally and state-chartered institutions have a quandary, does the risk of banking a marijuana related business outweigh the potential benefits? If a financial institution decides to bank a marijuana related business, they are at risk of violating Bank Secrecy Act and Anti-Money Laundering laws. Laws so punitive, they could potentially put smaller community banks out of business. The ramifications are not just felt by the financial institutions but by the marijuana related businesses and law enforcement as well. Marijuana related businesses are placed at higher risk for robberies due to the large volumes of cash kept on site, placing the employees in continuous harm's way. Law enforcement is required to respond to the growing number of burglaries and robberies of the marijuana dispensaries due to the cash nature of the business. Legislators, law enforcement and the financial industry need to develop a solution that alleviates punitive damages for the financial industry, creates a more secure environment for the marijuana related businesses and allows law enforcement to focus their energy on removing illicit actors from the marijuana related industry instead of responding to robberies.
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653 $a Jurisdictive
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653 $a Quantitative
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690 $a 0770
710 2 $a Utica College. $b Financial Crime and Compliance Management. $3 3541871
773 0 $t Masters Abstracts International $g 81-04.
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