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U.S.: Solution Launched To Enable Banks To Serve The Marijuana Industry


Link to Banking, comprised of bankers, Certified Anti-Money Laundering Specialists (CAMS) and anti-fraud professionals, including a former bank regulator and former official from the Financial Crimes Enforcement Network (FinCEN), in partnership with Kind Financial, a financial solutions company to the cannabis industry, on Tuesday announced what they called "a software solution to enable banks to serve cannabis-related businesses."

Link to Banking’s new, Bankers Link to Cannabis Compliance (BLINCC) program ties into Kind Financial’s Seed to Banking 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 companies announced in a prepared statement. 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.

According to the companies, his technology compliments 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.

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