Link to Banking’s new Bankers Link to Cannabis Compliance (BLINCC) program ties into Kind Financial’s Seed to BankingSM solution. The combination offers banks a compliant real-time solution that monitors cannabis related businesses at a granular level.
This program provides a web based system with customizable dashboard, enhancing the banks on-going transaction monitoring and due diligence through real-time access to customer transaction data. The platform incorporates technology that monitors, tracks and reports the customer transaction data from seed to sale as well as bank deposits, i.e., a Seed to Banking solution.
This technology complements Link to Banking’s broader business services that:
Evaluates each bank’s Bank Secrecy Act/Anti-Money Laundering program (BSA/AML) and recommends enhancements to facilitate banking services to the cannabis industry.
Provides a data validation of the bank’s Anti-Money Laundering and core banking system.
Provides a step-by-step strategy outlining the critical pieces to augment and enhance existing compliance efforts.
"Link to Banking has the first and only system that provides banks the tools to monitor and track customer activity to ensure Bank Secrecy Act obligations are maintained," said Link to Banking Chairman Tom Fleming. "Now, with complete transparency and real-time reporting solutions, our program should ease fears of enforcement actions," he added.
"Link to Banking’s solution provides banks a unique system that uses data derived from the dispensary’s POS and kiosk software. The program will have the look and feel of an Anti-Money Laundering system that the banks use today, complete with custom rule sets and parameter settings to monitor for any discrepancies or suspicious activity related to sales, inventory, and customer transactions," said Link to Banking’s President Robert Casares.
"Coupled with customized reports, this system will provide banks with all the necessary tools they need to keep a pulse on their cannabis related customers’ day-to-day activity," he added.
"Tom and Robert’s combined experience in banking and BSA/AML regulatory compliance will enable banks to comply with federal guidelines set forth by FinCEN, and the Cole memorandums, so the banks can comfortably offer services to cannabis-related businesses," said Kind Financial’s Founder and CEO David Dinenberg. "This has been the final piece missing from the Seed to BankingSM puzzle."
