PMX Communities Inc. (fka PMXO)

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Treasury Lets Banks Offer Accounts to Pot Businesses

http://www.bloomberg.com/news/2014-02-14/treasury-lets-banks-offer-accounts-to-pot-businesses.html


The Treasury Department today said it would allow banks to accept accounts from marijuana businesses, letting an industry that is illegal in a majority of U.S. states open business checking accounts and accept credit cards.

The Treasury’s Financial Crimes Enforcement Network today issued guidelines for banks that are designed to contain the dangers of operating an all-cash business. They also would give law enforcement more information about marijuana business activity, the agency said in a news release.

“Financial institutions can provide services to marijuana-related businesses in a manner consistent with their obligations to know their customers and to report possible criminal activity,” the agency said in the release.