Before and After DocFox Commercial account opening is different. Unlike individuals, who often have very similar needs, every business is unique, with different ownership structures, number of signers, and operational […]
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 isn’t a foreign concept, in fact many organizations have successfully implemented remote working policies and have reaped the benefits.
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.
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.
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.