Banking MRBs: Blunt Talk on Managing AML/KYC Compliance
Listen On-Demand
Marijuana-related businesses (MRBs) pose risk and opportunity for financial institutions. The complex business structures of the cannabis industry make meeting BSA obligations more difficult as many ‘shell’ type companies are created to move money nationally and cross-border with FIs that do not know the source of funds. Deciding not to bank MRBs requires the same policy considerations as the choice to bank them. In this webinar, we explore some of the key considerations when reviewing the pros and cons of banking MRBs.
- Pending cannabis/marijuana laws - what you need to know
- Is the risk of banking MRBs worth the reward?
- How do you get to the UBO given the complex structures?
- COVID-19 impact
Risk Revealed Webinar Series
Our 6-part Risk Revealed webinar series brings together risk and compliance experts from across financial markets and corporates. Join us to learn how data and technology solutions can help you identify and mitigate risk exposure across your business—and how innovation can help turn the tide against financial crime.
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Speakers
Holly Sais Phillippi
Head of Risk Proposition Sales, Americas
Refinitiv
Steven Kemmerling
Founder & CEO
CRB Monitor
Holly Sais Phillippi has over 20 years' experience in data/regulatory compliance and risk management. Holly is focused on building strong customer and third-party risk communities within the corporate environment, regulatory and financial communities to ensure Refinitiv is putting the clients’ focuses first in product build and design. She is also responsible for strategic project planning, building an education strategy around customer and third-party risk and assisting clients with large-scale rollout & adoption projects around customer and third-party risk solutions.
She has personally managed several top banks around the globe and engaged directly with their Anti-Money Laundering (AML) compliance teams and the heads of AML compliance. Holly’s focus has always been to ensure clients have the data and systems necessary to meet their regulatory guidelines as well as corporate responsibility expectations.
Since founding CRB Monitor in 2014, Steven Kemmerling has been a thought leader, subject matter expert and data-hound focused on addressing significant challenges around “cannabis and banking.” He created and continues to refine many of the terms, taxonomy and frameworks relied upon by financial institutions and regulators as they seek to understand the cannabis industry and formulate relevant and effective policies, procedures and standards. Prior entrepreneurial experience includes helping to launch and grow a litigation and anti-money laundering consultancy serving large financial institutions. Steve strives to utilize his experience, knowledge, and entrepreneurial insight to develop innovative products and services that provide meaningful solutions to large problems.
Sundie Seefried
CEO
Partner Colorado Credit Union
Jim Richards
Founder
RegTech Consulting LLC
Sundie Seefried is presently the CEO of Partner Colorado Credit Union & Safe Harbor Services, LLC, located in Denver Colorado. She has served in the Credit Union industry since 1983 and as CEO since 2001. She holds a Bachelors in Business Management from the University of Maryland and an MBA in Finance from Regis University.
Instead of heading into retirement at the end of 2014, she designed a full scope Cannabis Banking Program known as the Safe Harbor program which has withstood the scrutiny of 15 Federal and State exams to date. The credit union now banks in excess of $200 million per month of cannabis related funds while creating the subsidiary Safe Harbor Services to aid other Financial Institutions implement the Safe Harbor program.
She regularly provides cannabis banking education to legislators, regulators, attorney’s generals, state officials and financial institutions and has established herself as an expert on the topic; having her program featured in the NY Times Magazine, January 2018. She is on a mission to normalize banking for the cannabis industry while assisting law enforcement and federal agencies be more effective at combating illicit activities and protecting the financial system.
To share her knowledge, she authored the book ‘Navigating Safe Harbor – Cannabis Banking in Uncertain Times’ in 2016, as well as contributing an entire chapter on cannabis banking in the newly released university textbook, The Politics of Marijuana: A New Paradigm, by Timothy McGettigan; both available on Amazon.
Jim Richards is the principal and founder of RegTech Consulting LLC, focused on providing strategic advice on all aspects of financial crimes risk management to AML software providers, financial technology start-ups, cannabis-related businesses, mid-size banks, and money services businesses. From 2005 through April 2018 Mr. Richards served as the BSA Officer and Director of Global Financial Crimes Risk Management for Wells Fargo & Co., where he was responsible for BSA, AML, counter-terrorist financing (CTF), external fraud, internal fraud and misconduct, the identity theft prevention program, global sanctions, financial crimes analytics, and high-risk customer due diligence.
Prior to his role with Wells Fargo, Mr. Richards was the AML operations executive at Bank of America. There, he was responsible for the operational aspects of Bank of America’s global AML and CTF monitoring, surveillance, investigations, and related SAR reporting.
Prior to his 20-year career in banking, Mr. Richards was a prosecutor in Massachusetts, a barrister in Ontario, Canada, and a Special Constable with the Royal Canadian Mounted Police. He is the author of “Transnational Criminal Organizations, Cybercrime, and Money Laundering.” Mr. Richards has a Bachelor of Commerce (B.Comm.) degree and Juris Doctorate from the University of British Columbia.
RISK REVEALED: Explore Insights on the changing trends in KYC/AML, financial crime, third-party risk and digital transformation.
Refinitiv, is one of the world’s largest providers of financial markets data and infrastructure. Serving more than 40,000 institutions in approximately 190 countries, we provide information, insights, and technology that drive innovation and performance in global markets. Our 160-year Reuters heritage of integrity enables customers to make critical decisions with confidence, while our unique open platform, best-in-class data, and cutting-edge technology bring greater opportunity to our customers. By advancing our customers, we drive progress for the entire financial community.
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