Press Release (ePRNews.com) - NORTH HAVEN, Conn. - Oct 01, 2019 - Green Check Verified, the leading provider of compliance management software, specifically designed for cannabis banking, issued their comments on the recent passing of the H.R. 1595 Secure And Fair Enforcement (SAFE) Banking Act by the U.S. House of Representatives. This measure would create protections for depository institutions that provide financial services to legitimate cannabis-related businesses (CRBs) and service providers, enabling CRBs access to banking institutions without fear of federal prosecution.
Statement from Green Check Verified CEO & Founder, Kevin Hart “We are encouraged by the passage of the SAFE Banking Act by the House. This is a major step in providing legal cannabis-related businesses access to sustainable banking relationships. We have always seen the value of working within the banking system, not around it. The SAFE Banking Act highlights the importance of ensuring compliance and effective oversight of cannabis banking activities. This is where Green Check comes in; since our inception, we’ve designed our solution to demonstrate compliance with current and future guidelines by verifying that the source of funds entering the institution is only from legitimate, state-sanctioned cannabis transactions. Forward-thinking institutions need systems that can adapt to regulatory changes as their banking programs evolve, and we look forward to helping these institutions succeed in navigating the ever-changing landscape.”
Rules and regulations do not disappear when expanded banking occurs — it will only mean more people getting into the cannabis industry as it continues its rapid growth trajectory. That industry growth and the news out of Washington means more financial institutions will want to be involved. The protections provided by the SAFE Banking Act will usher a new wave of financial services for the cannabis industry, but the new regulatory oversight will be strictly enforced. The reason being is that illicit cash, not only from cannabis but all illicit activities, still needs to be kept out of the banking system.
About Green Check Verified Green Check Verified is a provider of regulatory technology (RegTech) solutions that are specifically designed to address the unique challenges around cannabis banking. Green Check Verified connects cannabis-related businesses (CRBs) with financial institutions (FIs). Green Check Verified offers CRBs the ability to access sustainable and affordable banking relationships while offering FIs the tools they need to reduce regulatory burden and mitigate compliance risk associated with cannabis banking. For more information about Green Check Verified, visit www.greencheckverified.com.
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