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New York Governor Approves Legislation to Enhance Financial Institution Access to Cannabis Business Information

KYCNew York Governor Approves Legislation to Enhance Financial Institution Access to Cannabis Business Information

New York Governor Kathy Hochul has signed legislation authorizing the state’s Office of Cannabis Management (OCM) to provide financial institutions with information about marijuana business licensees or applicants. The goal is to ease compliance with reporting requirements and improve “Know Your Customer” compliance, making it easier and less costly for financial institutions to work with cannabis businesses. While this won’t affect federal banking requirements due to marijuana’s federal illegality, it aims to facilitate access to banking services for the state’s adult-use cannabis industry.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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