Sharing what went wrong can help other credit unions avoid North Dade Community Development FCU's recent $300K FinCEN fine.
The $3.6M North Dade Community Development FCU violated BSA and Patriot Act regs for five years.
Small credit union processes $1B in outgoing wires in 2013 alone.
Credit union groups paranoid DOJ could change its mind and reverse guidance that allows accounts for state-legal marijuana businesses.
Despite guidance from FInCEN and the DOJ, legal hurdles remain for state-legal marijuana business accounts.
Despite a new state law in Colorado legalizing recreational use, credit unions still worry marijuana business accounts will run afoul of federal regulations.
While financial institutions wait for guidance from the DOJ, credit union leagues in Colorado and Washington caution against opening accounts for state-legal weed businesses.