Which statement about FinCEN and MRBs is true?

• A. FinCEN prohibits MRB banking outright
• B. FinCEN does not directly prohibit banking of MRBs with proper controls
• C. FinCEN has no regulatory authority over MRBs
• D. FinCEN requires MRBs to be banks only in certain states

Answer: (B)

FinCEN takes a risk-based, not blanket, approach to MRBs. It does not prohibit the banking of marijuana-related businesses outright. Instead, financial institutions may provide services to MRBs if they implement a robust BSA/AML program, perform customer due diligence, conduct ongoing monitoring, and file SARs as appropriate. This reflects FinCEN’s focus on controlling risk and fostering compliant banking relationships despite marijuana remaining illegal under federal law.

The other statements don’t fit because FinCEN has not issued a universal ban, and its authority covers how banks handle MRBs rather than mandating MRBs to be banks or restricting MRB banking to certain states.