US Eagle completes program surrounding cannabis banking protocols

Marijuana

NEW MEXICO (KRQE) – New Mexico’s attorney general says the recreational marijuana industry could be a new frontier when it comes to crime. He says a local credit union is taking the first steps to prevent this. U.S Eagle recently completed a certification program focusing on cannabis and hemp banking protocols.


Story continues below


The program is designed to help financial institutions put in place safeguards to cut down on illegal activity. Attorney General Hector Balderas says because recreational marijuana is a new industry, criminals could take advantage adding that banks have the first opportunity to catch anything illegal.

“Some of my biggest cases in terms of money laundering, trafficking have come from front line professionals, identifying suspicious activity or questionable cash transactions. So there are a lot of illicit criminals who would love to wash cash and use the marijuana industry to criminalize their behavior,” Balderas said.

The first recreational marijuana sales begins in April.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Video

Now Trending on KRQE.com

New Mexico Hourly Forecasts ⟶

Albuquerque Hourly Forecast

Don't Miss

MORE IN DON'T MISS

Photo Galleries

MORE PHOTO GALLERIES

News Resources - Maps

MORE NEWS RESOURCES