Cannabis & Financial Institutions: It’s Time to Update Your AML/KYC Procedures to Effectively Manage Risks & Opportunities
Founder & CEO
Regardless of the type, size, or location of your institution, trying to keep up with the quickly growing, constantly changing, and increasingly complex cannabis industry brings many new and different challenges. Chief among them is having a comprehensive understanding of what constitutes a “cannabis-related business” and identifying relevant risks – while not over-reacting and stiflingly business objectives. On a topic with little, if any, regulatory guidance, how do you ensure that your institution has relevant cannabis policies and effective KYC and CDD procedures?
In this webinar, we will explore key concepts and implications from the evolving cannabis industry and discuss how to apply the learnings to your own processes to ensure that both your compliance and business objectives are met.
We will discuss:
- An overview of the legal, regulatory, and market cannabis landscape in the US and Canada, including the 2014 and 2018 Farm Bills
- Why “MRB” is no longer enough – explaining differences and relationships between Cannabis, Marijuana, Hemp, and CBD
- A framework for clearly, logically, and consistently tiering cannabis-related businesses into relevant “risk buckets” based on your risk appetite
- Avoiding common pitfalls in cannabis-related KYC policies, procedures, and screening
- Updating your institution’s onboarding, KYC, and auditing systems to efficiently manage and automate the identification of AML risk to efficiently spot and investigate red flags indicating potential cannabis exposure