SACRAMENTO, Calif. and DENVER – Simplifya, NatureTrak, and HDCS collectively announce a strategic alliance to offer a complete, cost-effective resolution to assist monetary establishments construct and keep compliant and worthwhile hashish banking applications.
Regardless of authorized hashish markets in 35 states, and persevering with record-breaking gross sales progress, the monetary companies business has been reluctant to financial institution the business as a result of dangers related to Anti-Cash Laundering and Financial institution Secrecy Act rules.
Whereas it stays federally unlawful, the hashish business is compelled to adjust to a myriad of competing legal guidelines and rules. Navigating the minefield of usually altering necessities may be troublesome for hashish companies and represents a big problem for monetary establishments to make sure that they and their CRB (cannabis-related enterprise) clients keep operations in compliance with all state and native rules. This problem of implementing and managing a compliant cannabis-banking program for monetary establishments is usually a difficult, useful resource intense, and time-consuming enterprise.
As leaders within the hashish compliance market, Simplifya, NatureTrak, and HDCS have fashioned an alliance to offer monetary establishments with a complete, environment friendly resolution to implement and handle a profitable, worthwhile hashish banking program.
Simplifya is the main supplier of regulatory and operational compliance programs, and its Oversight Portal supplies monetary establishments with perception into the compliance standing of their CRB clients. NatureTrak affords an enterprise software program resolution constructed for monetary establishments that financial institution CRBs; streamlining operations throughout danger mitigation, danger scoring, pre-deposit verification, digital transaction verification, entity and license verifications, normal hashish business metrics, and way more from a single platform. HDCS (Greater-Danger Deposit Compliance Options) assists monetary establishments in growing hashish banking applications together with insurance policies, controls, enterprise danger administration, enhanced due diligence, monitoring, and reporting for administration and regulators. Collectively, the three corporations present a complete resolution to help monetary establishments in establishing and scaling hashish banking applications safely and profitably.
“As a former financial institution CEO and builder of de-novo banks, that is the type of complete resolution that I would wish with a view to really feel snug with banking the hashish business,” mentioned Andy Montgomery, CEO and founding father of HDCS. “Simplifya is the standard-bearer in making certain that its licensed hashish clients develop into and stay legally compliant with the myriad of state and native legal guidelines and NatureTrak affords a single expertise platform which could be very complete, simple to make use of, and works with each ‘seed to sale’ system to observe the each day transactions of every hashish enterprise.”
“Simplifya was a pioneer in creating requirements, protocols, and audit programs to assist lots of of hashish companies of their necessities for compliance,” mentioned Marion Mariathasan, CEO of Simplifya. “Our ‘Oversight Platform’ supplies monetary establishments with real-time visibility into every buyer’s compliance report and audits.”
“Servicing hashish companies contained in the banking system is solely safer and produces larger tax revenues than preserving them outdoors of the banking system,” defined Jontae James, CEO of NatureTrak. “The software program platform we developed for monetary establishments can monitor all hashish transactions from seed to sale and determine any anomalies. This supplies the monetary establishment with the flexibility to limit transactions that might not be authorized and defend its purchasers in opposition to adversarial findings in audits.”
The three corporations are actively participating with monetary establishments focused on offering banking companies to the hashish business. The alliance was fashioned anticipating that the variety of monetary establishments seeking to serve the hashish business will quickly improve with the appearance of federal secure hashish banking rules.