At Shield, Stephanie Baer uses her extensive knowledge of compliance within the cannabis industry to help normalize and modernize the relationship between financial institutions and cannabis-related businesses. A former banker herself responsible for launching, implementing, and managing a cannabis banking program at a California-based credit union, Stephanie brings a unique perspective to her job.
Here are four things Stephanie wants everyone to know about establishing and managing a cannabis compliance program:
Set goals and boundaries early!
Know what products, services, and risks to take at the start of your program. Set the next milestones and work with your board to extend those boundaries so your program grows proactively not reactively.
Know your market AND your customer.
When the examiners come a-knocking, it won’t be your board sitting across from them, it will be you! Do you know the nuances of your state’s regulatory program? Do you have a knowledgeable partner to call for assistance? Will they answer the phone?
Utilize your compliance systems so you don’t burn out your staff.
Technology is available to assist your team with arduous compliance tasks, not add to them. Always know what the use case is for why you are collecting something to avoid creating extra work for your staff and your clients.
Ask questions.
Don’t be afraid to raise your hand. If you’re a Shield client, there will always be someone on the team who can not only answer your question but also assist you with achieving the most from your compliance technology.
Based in Humboldt County, California, the “self-declared” cannabis capital of the U.S., Stephanie is a Certified Anti-Money Laundering Specialist (CAMLS), Certified Cannabis Banking Professional through CBANC, and holds Bank Secrecy Act Compliance Specialist (BSACS) and Credit Union Compliance Expert (CUCE) certifications from the Credit Union National Association.
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