Our sponsor bank worked with their internal BSA/AML team and their federal regulators to create a compliant flow of transaction data. This allows them to cannabis merchant accounts in full transparency. Furthermore, they are able to abide by or exceed the guidance established by the federal agencies. The acquirer and the sponsor bank have worked together to make sure that funds from card transactions never enter any financial institution or system, within the payment process, that are not aware of the source of the funds.
This process includes verifying that the merchant's depository bank has a compliant cannabis AML/BSA policy. They will also verify that the depository bank knows that the merchant is a cannabis or cannabis related business.These extra steps have been analyzed, audited, and approved by federal regulators. By initiating and monitoring this level of transactional transparency we are able to offer the first fully compliant cannabis merchant accounts.