Tier Three Bank Minimum Best Practices Recommended Compliance Protocol


  • 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
  • Detailed background report on all the business's licensed customers' principals including:
  • ✔ Address history

    ✔ SSN trace

    ✔ Nationwide Criminal History

    ✔ Sex Offender Search

    ✔ OFAC/Terrorist search

    ✔ Federal Crimes Search

    ✔ SSN Fraud Verification

  • Detailed Business Information and Credit Report for the business's licensed customers
  • Encourage licensed customers to deploy a standardized compliance scoring app based upon 250+ state and business-type-specific regulatory requirements and relevant data points

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