March 2, 2020, New Haven, CT – Green Check Verified (GCV), the leader in compliant cannabis banking solutions, announces the addition of their specialized Cannabis Launch Service offering. This consulting engagement will assist financial institutions in developing and launching robust cannabis banking programs. GCV’s team of subject matter experts, including former federal examiners, compliance officers, and BSA/AML specialists, have successfully co-developed and/or reviewed cannabis banking programs for over 15 financial institutions across the country.
GCV’s team also includes former cannabis regulators, operators, and analysts, giving Green Check the ability to deliver solutions that address the complex intersection between the legal cannabis and financial services industries. This combined approach provides the insight needed to design and implement an oversight program that will withstand regulatory scrutiny while being able to adapt to an evolving regulatory landscape.
Designed to help financial institutions adhere to existing BSA and AML requirements, as well as FinCEN’s guidance on cannabis banking, GCV’s consulting services focus on four key areas: policy and procedure management, risk and control framework, go-to-market strategy, and training.
While the decision to bank cannabis involves many complex factors, GCV decided to make choosing a consulting partner an easy decision to make by offering an affordable flat-fee pricing model for this offering so that financial institutions can focus on program development rather than budgetary constraints.
“We have a proven track record of partnering with financial institutions to launch and scale compliant cannabis banking programs,” says Kevin Hart, GCV’s CEO. “We focus on regulatory compliance and operational efficiency to enable our clients to grow low-cost deposits, increase fee revenue, and deliver much-needed services to the businesses in their community. Beginning with the initial program development, each and every partnership receives the dedicated support and guidance necessary to engage with this high-risk industry.”
“Balancing the need to develop a robust cannabis framework with the desire to build a profitable program may seem daunting, but through proper planning, the right partner, and the right tools, cannabis banking can become a reality for financial institutions,” added Paul Dunford, Director of Program Development.
The Cannabis Launch Service is an affordable way for financial institutions to understand the impact that cannabis banking has on policies and procedures while making sure strong, tightly defined controls are in place before institutions launch their program.
About Green Check Verified
Green Check Verified (GCV) is a regulatory software and services company founded in 2017 by a team of technology, banking, and regulatory experts. We focus on the intersection between community banking and the emerging legal cannabis industry, and our goal is to provide the services and tools needed to connect these two industries in compliant and profitable ways. For more information about Green Check Verified, visit www.greencheckverified.com. You can learn more about the Cannabis Launch Service here.
Stephanie M. Wandell
You can access the original press release here.