On December 3, 2019 the Financial Crimes Enforcement Network (FinCEN) updated previous guidance regarding Suspicious Activity Reports (SARs). Previously banks handling transactions for hemp growers were required to file SARs on all transactions from growers of hemp.

Now, in the wake of hemp’s removal from the list of Schedule I drugs under the federal Controlled Substances Act and USDA rules regulating the growing of hemp SARs will no longer need to be filed on hemp growers’ transactions.

You can read the text of the full FinCEN guidance here