BankingTHC Addresses Cannabis Business Dilemma
When banks close the accounts of legal marijuana businesses, they frequently cite the prohibitive cost of following Department of Justice and Financial Crimes Enforcement Network guidance about complying with the Bank Secrecy Act. As a consequence, cannabis businesses have great difficulty getting and keeping bank accounts.
BankingTHC hopes to solve this problem by adapting existing software, initially designed to fight fraud in the franchising industry, to help banks understand their cannabis customers, providing them with more than just a place to keep money.
As Clark Gilder, CEO and co-founder of BankingTHC, noted, “Our fundamental point is that banking cannabis is not entirely about ‘Schedule I’ fear, and instead the problem is focused around a bank’s lack of money laundering or compliance tools. What banks need today is something that they have never had before, a new way to monitor the deposits of a cannabis business.”
Gilder brings expertise in the software industry, and Jay Postma,...
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