Yes. transactions will be reported on a quarterly basis. Dama Financial and its bank partners operate in full compliance with the Bank Secrecy Act of 1970 (BSA), sometimes referred to the Anti-Money Laundering Law (AML), or BSA/AML. The law requires financial institutions (traditional banks, credit unions and thrifts, as well as non-bank financial institutions and money services businesses) in the United States to assist U.S. government agencies in detecting and preventing money laundering.
Additionally, Dama's bank partners are required by law to perform anti-money laundering checks and to keep specific records of events that could signal the occurrence of money laundering. We and our banking partners operate in accordance with FinCEN's guidelines on providing financial services to marijuana-related businesses. This includes filing a quarterly report containing all financial transactions, filing Currency Transaction Reports (CTR) relating to cash transactions exceeding $10,000 in one business day, and filing a Suspicious Activity Report (SAR) if a transaction may be illegal or an attempt to launder funds from illegal activity. Reports are filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury.