Cannabis Banking Account Monitoring Tools Arrive for Credit Unions

A new set of account monitoring tools were added by Green Check Verified (GCV) to its compliance management platform, allowing credit unions to have better oversight of their relationships with pot-related businesses.

“Banks and credit unions are becoming more confident in this industry every day, and the result is a push for both increased market share and a larger suite of product offerings,” Green Check Co-founder and Head of Product Mike Kennedy said.

“We want to enable the institutions we work with to achieve their growth goals efficiently and safely without the restraints of manual processes, and at the same time, ensure they are equipped with an unprecedented view of their program, its current results and its untapped opportunities,” Kennedy said.

GCV was founded in 2017 by a team of technology, banking and regulatory experts whose mission is to make the proper connections between banking and the emerging legal cannabis industry.

According to information provided by GCV this month, the new monitoring features let financial institutions “leverage their contemporary feed of each account’s regulatory, financial and operational data. The result is a deeper understanding of the day-to-day activities of each business, as well as how that activity compares to their peers and against past performance.”

The new monitoring system was created by GCV’s team of cannabis banking subject matter experts, including former federal examiners, compliance officers and BSA experts.

Designed to adhere to current and evolving BSA/AML requirements, a prescriptive workflow with built-in analytics ensures each account monitoring task is completed according to regulatory best practices. Additionally, the flexible tools allow financial institutions to embed their own unique policy and procedure requirements into the account monitoring process.

Currently, GCV operates in 26 states with more than 600 cannabis companies on its platform.