DISCLAIMER: The Department of Financial Institutions does not provide legal advice. This information is provided for guidance purposes only.
DFI FAQs and Information
- DFI FAQs - Providing Banking Services to Cannabis Related Businesses
Answers to frequently asked questions about providing banking services to cannabis related businesses.
- DFI Letter to Banks and Credit Unions Regarding BSA Expectations Regarding Cannabis-Related Businesses
Letter from DFI to banks and credit unions regarding BSA expectations regarding cannabis-related businesses.
- Division of Banks Position on Indirect Banking of Cannabis-Related Businesses
DFI's Division of Banks position on indirect banking of cannabis-related businesses.
Liquor and Cannabis Board Rule
- WAC-314-55-117 - Use of payment services by retailers
Liquor and Cannabis Board rule that allows cashless transactions.
The Cole Memorandum: Guidance Regarding Marijuana Related Financial Crimes (the Cole Memorandum) was issued by the U.S. Department of Justice on 8/19/2013, by Deputy Attorney General James Cole. The Cole Memorandum served as a guide to the exercise of federal investigative and prosecutorial discretion.
FinCEN responded to the Cole Memorandum by issuing interpretive guidance entitled BSA (Bank Secrecy Act) Expectations Regarding Marijuana-Related Businesses on 2/14/2014. The Cole Memorandum was rescinded by Attorney General Jeff Sessions in January of 2018, but the FinCEN guidance remains in effect. The established expectations and reporting procedures for financial institutions providing services to cannabis related businesses are outlined in that interpretive guidance.
The eight enforcement priorities that were set forth in the Cole memorandum are the underpinning of the FinCEN guidance, and also inform rules adopted by the Washington State Liquor and Cannabis Board.
See: FinCEN Guidance: Bank Secrecy Act Expectations Regarding Marijuana-Related Businesses
- Providing Financial Services to Customers Engaged in Hemp-Related Businesses
Joint agency statement to provide clarity regarding the legal status of commercial growth and production of hemp and relevant requirements for banks under the Bank Secrecy Act (BSA) and its implementing regulations.
- Due Diligence Requirements under the Bank Secrecy Act for Hemp-Related Business Customers
FinCEN guidance addresses questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers
- National Credit Union Administration Letter Regarding Serving Hemp Businesses
Letter to federally insured credit unions about serving hemp-related businesses.
- Insuring Your Marijuana Business in Washington State
Information from the Washington State Insurance Commissioner.
- IRS Marijuana Industry Frequently Asked Questions
Answers to frequently asked tax questions.