NASHVILLE, TENNESSEE., January 25, 2022 /PRNewswire-PRWeb/ — CRB Monitor, the nation’s leading provider of cannabis corporate intelligence, has partnered with Tier1 Financial Solutions to leverage its Alessa solution to provide financial institutions with a comprehensive anti-money laundering and cannabis compliance solution to improve compliance workflows and monitoring.
“The cannabis-related companies (CRB) industry growth has been uninterrupted. We are excited to offer best-in-class cannabis compliance solutions to Alessa’s clients, including banks and credit unions, by providing the information and analytics needed to manage CRB portfolio risk and effectively meet regulatory expectations.” , said Steven Kemerling, CEO and Founder of CRB Monitor. “The new alliance will combine CRB Monitor’s independent third-party validation and monitoring database with Alessa’s transaction monitoring and AML compliance capabilities, providing more seamless access to industry-leading data and expertise to reduce cannabis-related risks.”
“We’re excited to help financial institutions more effectively identify and manage risks and opportunities associated with cannabis businesses,” he said Andrew Simpson, Chief Operating Officer at Alessa by Tier1 Financial Solutions. “Without the right monitoring and data solutions, it is very difficult for financial institutions and CRBs to maintain proper compliance protocols. Once a financial institution has the right information, it can conduct sufficient due diligence and develop a risk profile that can outline the types of services it may or may not be offered to a company.”
Although marijuana remains illegal nationwide The United States, numerous states have legalized the sale and use of marijuana. Depository institutions face several risks associated with banking with an entity engaged in federally illegal activities, such as: B. Selling marijuana, even if it’s legalized at the state level. These risks include potential enforcement action, criminal liability, or the loss of their charter, which could leave members without services. To serve the industry, custodians need robust cannabis-specific policies and sound processes to keep up with existing banking regulations. Additionally, institutions that choose not to knowingly serve the industry must effectively identify unknown marijuana-related accounts within their customer base.
As a result, custodians are increasingly trying to understand the potential impact of banking marijuana-related deals (CRBs). The legal status of marijuana in the States determines the level of regulatory oversight exercised on a financial institution that provides services to a CRB.
CRB Monitor has developed the largest database of cannabis companies (CRBs), licenses and owners. Today, leading financial institutions rely on CRB Monitor and its independent data as a regtech solution to effectively monitor cannabis companies to meet regulatory expectations and requirements. away Sep 2021, CRB Monitor bank customers had more than 3 trillion dollars in wealth.
An industry-recognized compliance software solution, Alessa’s anti-money laundering (AML) and fraud prevention solutions are used by financial institutions worldwide, including banks, credit unions, money service providers (MSBs), casinos and fintechs, and fraud prevention solutions.
# # #
About CRB monitor
CRB Monitor empowers financial institutions and participants in the cannabis industry to better manage and monetize cannabis-related risks and opportunities. Known for its breadth, depth and integrity, CRB Monitor has become the industry standard for cannabis-related market intelligence with daily coverage of over 54,000 Tier 1 CRBs, 98,000 cannabis business licenses, 81,000 beneficial owners and 1,600 cannabis-related securities. Founded in 2014, CRB Monitor is led by a team of banking, investment management and corporate intelligence veterans. CRB Monitor is based on Nashville, Tennessee. Learn more about CRB Monitor at http://www.CRBMonitor.com. as well as on LinkedIn and Twitter.
About Alessa from Tier1 Financial Solutions
Alessa by Tier1 Financial Solutions is a compliance, control monitoring and fraud prevention solution for banks, insurance, fintech, gaming, manufacturing, retail and more. With deployments around the world, Alessa enables organizations to quickly spot suspicious transactions, identify high-risk customers and suppliers, and mitigate the risks of fraud that reduce profitability and increase costs. To learn more about how Alessa can help your organization ensure compliance, uncover complex fraud schemes, and prevent waste, abuse, and misappropriation, visit us at https://tier1fin.com/alessa/ and on LinkedIn and Twitter .
Media contact for CRB Monitor:
Media contact for Alessa from Tier1 Financial Solutions
Daniel Delson, CRB Monitor, +1 (917) 328-9337, firstname.lastname@example.org
SOURCE CRB Monitor