Streamlined Cannabis Compliance Monitoring
The FinCEN Cannabis Banking Guidance requires that any financial institution with customers in the cannabis industry ensure that their MRB clients are operating in compliance with state law. While critical to operating in the industry, fulfilling this requirement can result in significant financial burdens and dramatically increase the cost of banking the cannabis industry. This increased compliance cost, as it relates to both time and personnel, is often seen as an insurmountable hurdle for many financial institutions.
Underscoring the importance of FinCEN adherence, Simplifya’s Oversight Portal can help financial institutions manage, streamline and deliver cost-effective and employee-efficient compliance banking to the cannabis industry.
With the Oversight Portal, financial institutions have access to standardized and consistent Operator Audits and Remediation Reports, which are uploaded directly by their cannabis clients on a regular (monthly, quarterly, semi-annual or annual) basis, as determined and mandated by the financial institution. Instead of spending valuable time chasing down compliance information from their customers, Simplifya makes managing and tracking MRB compliance nearly automated.
With Simplifya you can rest easy knowing that our team of highly skilled analysts and technical writers create accurate and easy to understand checklists that are derived directly from the state and local regulations. Simplifya’s dedication to detail ensures that licensed operators have the tools to proactively maintain and manage their compliance with state regulations…which in turn, ensures that you, as the financial institution, are maintaining your compliance with the FinCEN Guidance.
Additionally, our newest service offering, Simplifya Verified provides ancillary service businesses – including financial institutions, insurance carriers and more – with an independent system to verify the status and validity of cannabis licenses across the country.
Simplifya’s dedicated team of cannabis regulatory analysts converts state and local regulations into a seamless checklist to keep track of your client’s compliance standing and remediate any potential issues prior to a visit from the regulatory agency. Regularly scheduled self-audits can keep licences in good standing and could save thousands in fines or penalties.
Our license-specific Standard Operating Procedure (SOP) bundles provide regulation-based templates to jump-start the license application or renewal process and help establish best practices in order to maintain operational compliance. SOPs can be customized for an organization’s specific needs.
Save on both frustration and file cabinet space with our Smart Cabinet solution. This online document management system conveniently files and stores all compliance documentation in one easy-to-access place. Smart Cabinetcan also tag documents, apply password protection to sensitive materials and control sharing permissions.
Quickly verify the status and standing of any license with the appropriate state agencies through our online license verification service. Simplifya Verified collects license data from regulatory agencies overseeing legal cannabis markets and confirms the status and standing of each license holder with their state oversight agency.
Have more questions? We’re here to help!
Feel free to email our Chief Compliance Officer and General Counsel, John Vardaman. Not only does John have extensive experience in cannabis banking in both the private sector and with the federal government, but he was also integral in the drafting of the 2014 Cole Memorandum, the DOJ guidance for cannabis banking. We take your compliance business seriously.