Your role vs. the regulator’s role – can you draw a line in the sand?
Adhering to the Bank Secrecy Act (BSA) can be an onerous and intensive task, and even more so for those financial institutions who are banking Marijuana Related Businesses (MRBs).
Remote working could be the best thing that’s happened for your BSA team
Remote working isn’t a foreign concept, in fact many organizations have successfully implemented remote working policies and have reaped the benefits.
Striking the balance between CIP and Customer experience
For every financial institution, Customer Identification Program (CIP) and Customer Due Diligence (CDD) is just something you do, and the two go hand in hand.
5 tactics every BSA officer should adopt when performing due diligence on MRB customers
These are just 5 tactics of many that every BSA officer can adopt to ensure due diligence on MRB customers. At DocFox we understand that Banking MRBs and other high-risk accounts can create complexity, risk and an intense administrative workload.
Cannabis banking is a high-risk industry, but can the same be said for the ancillary market?
The growing demand for cannabis banking presents a large opportunity, but not every institution has a risk profile or compliance infrastructure that allows them to bank these MRBs. However that doesn’t mean you have to pass on banking MRBs altogether.