CBD Compliant Banking - News

[ CBD Compliant Banking ]

Many CBD business owners have found themselves challenged in finding a basic checking account for their business. It’s complicated for several reasons — but the professionals at MRB Compliance Group are experts in banking CBD businesses through our network of banks that offer compliant, transparent, and secure banking. Even though the Farm Bill allowed for the commercial production and sale of hemp, it did not directly address banking. Banks were given guidance that allowed certain types of banks to engage with marijuana, and as CBD is termed in banking, “marijuana-related” business. However, the regulatory burden on the bank is not insignificant. It relies on the 4 pillars under the Bank Secrecy Act and its Anti-Money Laundering that include: 1) Dedicated Policies and Procedures 2) Dedicated Staff, 3) Dedicated Training, and 4) Subjecting Themselves to Independent Third Party Audits. Many banks don’t want to be bothered. Then other banks have conflicting policies about CBD and hemp banking. In these cases, they often open and then promptly close accounts. Sometimes they seem to turn a blind eye when a CBD company presents as a “Health and Wellness” company, but the bank will do a sweep and find and close these accounts from time to time. It’s not to say that some accounts can remain in this limbo for a long-time, but when an account does get closed down, where is a CBD business owner to go next? Our company specializes in compliant banking and can get you into an account, typically within less than 7-10 business days. These accounts do have costs associated with them, but what you are buying is peace of mind knowing that your account will not be shut down, there won’t be a disruption to your business, and that you have experts on your team as you need them. We are here to help get you into a compliant, transparent, and secure bank account. We can also answer any questions you have and get you set up with merchant processing or small business loans, as needed. Headquartered in Denver, CO, our financial solutions serve CBD/hemp and cannabis, kratom, and other lines of high-risk business. Visit us at MRB Compliance Group.