Tier Three Compliance

Banking Recommended AML, BSA, and KYC Compliance Protocols

For ancillary entities which sell or provide goods and services totaling less than $10,000 per customer per month to individual state-licensed entities which dispense, cultivate or manufacture marijuana.

• Verifying with the appropriate state authorities whether the business's licensed customers are duly licensed and registered
• Verifying with the appropriate state authorities whether the business's licensed customers are currently in good standing and in full compliance with mandated standards, reporting and regulations
• Requesting from state licensing and enforcement authorities available information about the business's licensed customers and related parties
• Developing an understanding of the normal and expected activity for the business's licensed customers, including the types of products being sold and the type of customers to be served (e.g., medical vs. recreational customers)
• Review of publically available sources, including law enforcement for adverse information about the business's licensed customers and related parties