Enterprise risk management

Compliance Infrastructure for Cannabis Banking

Compliance Infrastructure for
Cannabis Banking

Licensed cannabis companies do not have it easy with transactions and finances. As this is a specific and legally controlled market, they must follow the rules exactly. To make their work easier, a company was created for complete solution to connect companies, partners, and banks. The platform verifies legal businesses through compliance.

By providing banks with all the necessary information, they comply with anti-money laundering laws. For many families, this business means a tradition that they pass on from generation to generation. Many people have sacrificed a lot of time to fulfill their dream. To make it easier for them to work, we have started to develop a modern and clear application.

Project type – Web Application

Services – Development, Support

Year – Present

Challenge

Facilitate banking for licensed cannabis companies
Automatically verify legal businesses
Create a user-friendly environment in the application
Connect the whole system

Solution

As soon as we received the assignment, we started developing this banking application. We tried to simplify the complicated process for all sides of the cannabis business. It was also important for us those users have an overview of their payments and at what step these payments are. Step by step, we created an artificial intelligence tool that analyzes supply chain data.

It is a cannabis-based artificial intelligence tool that analyzes chain supplier data and incorporates FinCEN guidelines. It contains a number of important tools that are required in the cannabis trade:

integrated MERTC, POS and accounting
fully integrated automated pre-deposit validation control
automated license verification control
Marijuana Anomaly Detection (MAD) system

Automate:

License verification
Check invoices
Supplier verification
SAR message

Eliminate:

Pre-operational training of staff
Health and METRC reporting templates

We have created a complete set of compliance tools for the company to monitor and bank cannabis-related businesses. As this is an application whose functionality is essential to its operation, we provide ongoing support to the company. We expect an increase in users of this application in the future as marijuana is increasingly used and allowed in several states:

15 states have legalized marijuana for recreational purposes
31 states have legalized marijuana for medical purposes.
13 states expect to legalize marijuana for recreational or medical purposes

It is a cannabis-based artificial intelligence tool that analyzes chain supplier data and incorporates FinCEN guidelines. It contains a number of important tools that are required in the cannabis trade: