In an effort to help combat money laundering, the U.S. Treasury Department wants to start collecting marijuana business data.
The department is proposing to start collecting data on marijuana businesses from banks, alongside industries it already tracks like liquor stores, convenience stores, casinos and car dealers.
The move is a part of its ongoing efforts to combat money laundering activities.
The Office of the Comptroller of the Currency (OCC) posted a notice in the Federal Register on Wednesday saying it plans to track marijuana businesses as part of an annual Risk Summary Form (RSF) that needs to be filed by financial institutions.
“RSF collects data about different products, services, customers, and geographies (PSCs),” the notice says.
The agency intends to start gathering data from banks on “marijuana-related businesses” for the first time, in addition to other markets of emerging interest such as crypto assets and ATM operators.
OCC said that its Money Laundering Risk System “enhances the ability of examiners and bank management to identify and evaluate” risks that are “associated with banks’ products, services, customers, and locations.”
A public comment period on the proposed changes is open through August 8.
The number of banks that report working with marijuana businesses increased again near the end of 2021, according to the most recent FinCEN report..