Cannabis and Marijuana-Related Business Tracking with Abrigo
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Staying on top of a changing environment
To Bank, or Not to Bank Cannabis-Related Businesses...
That is the question on every financial institution's mind, whether they are located in a state that has legalized cannabis or not.
While the changes to legislation surrounding hemp and marijuana have provided financial institutions with new opportunities for growth, the risk still looms large. Regardless of whether or not institutions plan on banking cannabis or marijuana-related businesses (CRBs/MRBs), they need to prove how they are maintaining regulatory compliance during their next exam.
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Banking CRBs
- Create an outline of tiers to which you will provide banking services
- Update your board-approved policies and procedures
- Provide comprehensive CDD/EDD procedures
Not Banking CRBs
- Be aware of surrounding states with different laws
- Prepare for potential changes in legislation
- Provide proof to auditors that CRBs/MRBs are being actively vetted
Solutions
CRB Scenarios
With BAM+ CRB Scenarios, your transactions will be scanned weekly against four different scenarios intended to alert you to potentially suspicious activity resulting from unidentified CRBs/MRBs. It will work both as you onboard new relationships and monitor existing ones to avoid any unpleasant surprises down the road.
CRB Watchlist Scanning
With the laws and regulations regarding cannabis changing at the state level, do you really know your customers/members as well as you think? Our CRB watchlist scanning, part of BAM+ Scan, allows you to use the power of NominoData to scan against state-licensed cannabis dispensaries, ensuring you truly know who you're banking.
Advisory Services
CRB Policy and Procedure Review
Whether your institution has decided to service, or not service, CRBs/MRBs, you need to update your policies and procedures to reflect that decision. How are you actively monitoring to ensure you don't unknowingly have a CRB hidden in your customer base? Our Advisory Services team can help make sure you stay in compliance.
SUSPICIOUS ACTIVITY MONITORING
No matter whether you decide to bank or avoid CRBs/MRBs, there is an increased, and often unexpected, amount of diligence and monitoring your BSA department is tasked with. Our Advisory Services team can help act as an extension of your BSA department for a long-term assignment or short-term help so you don't skip a beat.
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