StandardC has announced that its growing network now has the capacity to serve over 1,500 CRBs and accept deposits of over $1.3 billion.
Despite delays by the United States Congress to pass cannabis banking reforms and broader legislation for marijuana legalization, most notably the SAFE Banking Act and the Cannabis Administration and Opportunity Act, numerous banks and credit unions are stepping in to help bank the unbanked.
Robert Mann, CEO of StandardC, commented, "While Congress deliberates, our network of federally insured financial institutions is taking action to solve the problems faced by the cannabis industry. They deserve access to banking, and they no longer have to wait for the government to act."
While cannabis remains restricted under the Controlled Substances Act (CSA), The Financial Crimes Enforcement Network (FinCEN), who enforces the Bank Secrecy Act (BSA) and its Anti-Money Laundering (AML) requirements, issued guidance (FIN-2014-G001) in 2014 that "…clarifies how financial institutions can provide services to cannabis-related businesses consistent with their BSA obligations."
Robert Baron, the Chief Experience Officer of StandardC, and a leading cannabis banking expert, and Certified Anti-Money Laundering Specialist (CAMS, CAMS-RM), noted that this guidance provides a framework that is utilized by StandardC and its member banks and credit unions to solve the lack of access to banking. Mr. Baron noted that "while the largest banks sit out on the sidelines, we are solving the banking crisis by deploying proven technology to enable bankers to meet the needs of the cannabis industry."
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