RLR Management Consulting

Cannabis Corner

Enhancing Your Compliance Program to Accommodate Cannabis Banking

Your financial institution is seeking new revenue streams and you’ve heard that Cannabis Banking can be a significant source.  You already have some clients that may be Cannabis Related Businesses (CRBs) and you want to make sure your Compliance Program, including BSA, is up to date with all of the current regulatory mandates.  Your state has legalized Cannabis (medical or recreational) and you want to make sure that these clients do not exist at your financial institution.  No matter where your financial institution stands on the subject of Cannabis Banking, your Compliance Program needs to be enhanced to address it.

RLR Management Consulting, Inc. has been writing, enhancing, and auditing Compliance Programs for financial institutions for over 30 years and we have been closely monitoring the Cannabis Banking environment and associated regulatory guidance.  Last year, we updated our BSA Audit Program to include guidance on Cannabis Related Businesses.  Further, through our ongoing research and analysis of Cannabis Banking we have concluded that a technology component that identifies tracks, monitors and manages cannabis related transactions is paramount to an FI’s success as they move forward with this new business venture. We have performed research on several Cannabis Technology vendors.

Are you scared? Intrigued? Something in between?

No matter what position your financial institution takes on the subject of Cannabis Banking, RLR Management Consulting, Inc. can assist you.  We can enhance your current BSA Program with Cannabis Banking elements to ensure regulatory compliance; review or audit your existing program and make recommendations for improvement, or assist you in creating a Cannabis Banking Compliance Program adding a new source of revenue for your financial institution.  Contact us at [email protected] and let’s discuss the options.

RLR and Green Check Verified

RLR Management Consulting will now be working with technology company Green Check Verified to offer a comprehensive solution to financial institutions across the country who are interested in or actively serving the cannabis industry.

For the past 20 years, RLR has been conducting BSA/AML, compliance, operations, and technology audits for financial institutions nationwide. RLR has also been at the forefront of cannabis banking through discussions, webinars, and workshops and by sharing education content since 2017. In 2018, RLR was recognized for its expertise in cannabis banking and was granted the opportunity to conduct a feasibility study of a state-run cannabis bank that was funded by the state of California.

As RLR continued to further explore cannabis banking, they realized that true success for community and regional banks serving the industry relies on the bank’s ability to identify, track, monitor, and report on the activities of their cannabis accounts. RLR sought to find the best technology solution in the market that could effectively support these needs. That solution is Green Check Verified, the premier provider of cannabis banking solutions built by cannabis banking experts.

Together RLR and Green Check Verified combine decades of world-class consulting and advisory services with world-class technology specifically developed to support the unique tracking, monitoring, and reporting needs inherent to cannabis banking.

“RLR will clearly enhance its Audit & Compliance Services by introducing Green Check Verified to their portfolio of clients considering banking cannabis as part of their strategic plan for growth in these uncertain times,” said Ruth Razook, CEO and Founder of RLR. “RLR’s long and successful history of providing services to community banks and credit unions is aligned with Green Check’s mission of helping these institutions tap into the benefits of working with the legal cannabis industry. We are excited to work with RLR and offer our clients access to their deep expertise in cannabis-specific risks and opportunities,” said Kevin Hart, CEO and Founder of Green Check Verified.

RLR and Green Check Verified will bring the best in Consulting + Technology for cannabis banking compliance. Their combined advisory experience now spans 22 states and examiner scrutiny across all major regulatory bodies.