Cannabis Banking
Risk Management

Model Validations

Model Validations

There are many different variables to consider:

• Marijuana versus hemp versus CBD
• Growers/farmers, transporters, processors, retail and wholesale owners, employees, firms who do business with CRBs and other ancillary entities
• Federal versus state versus county/city/town laws, regulations and licenses

Your policy should detail:

• What you will and will not bank
• What you will do to ensure you are not opening accounts that violate your policy
• What to do if you identify an existing account that violates your policy
• When you will file a SAR
• How you will monitor accounts in accordance with your policy
• When you will close an account

Arc-Serv, along with our strategic business partners, provides comprehensive and ongoing Cannabis Banking Risk Management Services that will:

• Build and maintain your Cannabis Banking Risk Management policies and procedures
• Create new account due diligence forms
• Provide due diligence investigations on CRBs that apply to open an account
• Provide ongoing enhanced due diligence on your CRB accounts, including site visits
• Prepare necessary CTR/SAR filings
• Provide software interfaces for continuous due diligence monitoring

Arc-Serv provides Model Validations, Risk Assessments, Staffing Assessments, Enforcement Action Remediation, and can provide other services that can help with the management of your BSA/AML/OFAC/fraud-related projects. Additionally, we offer implementation of compliance solutions such as AML system optimization, training, gap analysis, new vendor due diligence, merger/acquisition project management, system calibration, and other customized consulting projects.