FinCEN and Cannabis Businesses: Be Transparent, Be Accurate, Be Prepared
The legalization of medical or recreational marijuana sales, at state levels, certainly didn’t mean an end to the problems cannabis sellers have with the law. When medical and recreational marijuana dispensaries were allowed to open for business, it meant they needed to start paying attention to the regulatory environment, particularly the need to pay heed the guidelines published by the federal government’s watchdog for monitoring financial crime: The Financial Crimes Enforcement Network (FinCEN).
FinCEN is a bureau of the United States Department of the Treasury.
It collects and analyzes information about financial transactions to better fight domestic and international money laundering, the financing of terrorism, and other serious infractions of US law. This creates a bureaucratic inconvenience for legal marijuana businesses and the banks that would like to support them, sometimes it’s just a tangled mess. Fortunately, there are financial consultants who can take away much of the pain. One of the most experienced and successful providers of such guidance to cannabis industry businesses is Guardian Data Systems. They have been active in helping cannabis business owners navigate the regulatory environment for over ten years. Their team of experts includes former bankers and regulators from FinCEN, and people who have worked in the FDIC’s Division of Risk Management Supervision, the DOJ, and the IRS.
Guardian Data Systems advises financial institutions as well as cannabis merchants.
It is important to make certain that you and your bank meet the requirements of transparency in banking and ensure full compliance with FinCEN’s policies and requirements. Whether it’s something that should be routine, like opening a business bank account, to developing the proper reporting procedures, Guardian Data Systems can help. There is no better way to meet the standards the law requires. They know the territory. They know who to call. They speak the language and, most importantly, get results.
Who benefits? Not just your business but your entire community. Having access to banking services means a safer business climate for us all and ensures the confidence customers have in your manner of doing business. Finding the right bank for your business is something Guardian Data Systems takes very seriously and has become very good at. They pride themselves in allowing no short cuts or legally suspect methods, like the use of shell companies to hide the true nature of your business that might be seen as red flags by regulators. Guardian Data Systems knows that the best way to have a good relationship with respected banks and governments is to hide nothing, stay strictly within the law, and to be transparent in all of your financial dealings. Guardian Data Systems has an excellent record of not only finding banks that will work with the industry but executing the underwriting and compliance programs for those banks to ensure transparency for businesses to avoid risk. GDS’s ability to locate and facilitate the banking services you need to run your business efficiently will eliminate unnecessary risk and help you avoid problems before they occur.
