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Cannabis Banking, Simplified.

Shield's purpose built compliance platform manages the risk, compliance and operational demands associated with banking in the legalized cannabis industry. With Shield's transactional and operational transparency tools, compliance officers are notified of non-compliant activity quickly. 

© 2019 Shield Compliance, LLC ||| 500 Union St., Ste 310 Seattle WA 98101

Website development and management by FI Partners, LLC

Know Where to Start

You've decided to bank the cannabis industry, now what? Consider the internal and external resources, especially partners with expertise and experience banking with MRBs, partners that can help you deliver on these six critical items:

POLICIES & PROCEDURES

It's important to update your BSA\AML policies and procedures to reflect the enhanced regulatory requirements and the unique aspects of the industry. Consider the policy and procedure ramifications for account opening and closing not to mention branch cash handling procedures.

INTERNAL & EXTERNAL TRAINING

Driving the right customer outcomes begins with training your employees to understand your MRB banking program, their role and the expectations to which customers are held. Compliance and efficiency are impacted by the data provided by customers. Train your teams to perform.

UNDERWRITING & ONBOARDING

Many FIs decline 50% or more the applications they received from MRBs. A clear underwriting process assures you have the best operators and can quickly disengage from quick prospects that are unlikely to meet your business requirements.

TRANSACTIONAL TRANSPARENCY

Understanding the cash transactions is simply not enough to assure compliance.  Develop data collection methods that provide 100% transparency into all financial transactions including in-depth information about counterparties.

OPERATIONAL TRANSPARENCY

Regularly check with state licensing authorities to ensure the MRB is operating within the guidelines established for your state.

VERIFICATION & VALIDATION

Develop methods and processes not only to collect data from multiple sources but reconcile that data to find anomalies and assure all financial activity is in compliance.

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