Banking Cannabis Demands High-Level Compliance Scrutiny

By Mike Kennedy

While cannabis remains illegal at the federal level, more than 30 states have legalized retail sales through medical and/or recreational programs. Regardless of political, personal or moral stance, it’s difficult for anyone to deny the very real momentum generated by the emerging legal cannabis industry. U.S. legal cannabis sales reached $10.8 billion in 2018 and continue to grow at a compound annual growth rate of over 20 percent. This meteoric rise in a few short years shows no signs of slowing down, as U.S. demand for cannabis continues to outpace state-sanctioned cannabis programs. Despite such impressive figures, there is one significant hurdle holding this industry back: the lack of access to banking.


Your Bank Is (Probably) Spending Too Much on Compliance

By Pam Perdue

It may shock you to hear a compliance expert suggest that your bank might be spending too much on compliance. But it’s not only possible, it’s probable.


Trending in 2019: Financial Compliance Risk Reduction

By Iain Daws

Since the financial crisis in 2008, financial compliance has undergone a significant shift. Regulators and governments have introduced stricter, more comprehensive rules. Complying with regulatory mandates — such as the Dodd-Frank Act in the United States and MiFID II in the European Union — requires effective, reliable and accurate communications capture, as well as ongoing, proactive communication surveillance and infrastructure monitoring.


BSA/AML Online: Betrayed by the Browser

By John Klassen

The websites of state and federal regulators are among the online destinations most frequently accessed by compliance managers and anti-money laundering/anti-fraud analysts and researchers. While improving productivity, government online resources often suffer from various IT security weaknesses. BSA/AML specialists who access vulnerable sites become a target — because their browser betrays them.


S.2155 and Community Banks

A much needed reprieve – but with conditions.

By Don Andrews

America is like no other country. Rooting for the underdog is an American pastime, and there is a sensibility that people who are honest and work hard should reap the benefit of their efforts. Even bankruptcy laws were designed with the idea of giving people a second chance rather than sending them to debtor’s prison. Second chance and opportunity permeate our culture and our common law. In S.2155 — the Economic Growth, Regulatory Relief and Consumer Protection Act — community banks were given that second chance.

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