Navigating Safe Harbor Cannabis Banking in a Time of Uncertainty edition by Sundie Seefried Professional Technical eBooks
Download As PDF : Navigating Safe Harbor Cannabis Banking in a Time of Uncertainty edition by Sundie Seefried Professional Technical eBooks 
After Colorado voters approved the sale and use of medicinal and recreational
cannabis, the state’s landscape was changed. Suddenly, dispensaries and grow
houses were everywhere, and customers numbered in the tens, if not hundreds, of
thousands.
But federal laws make it difficult for cannabis businesses to open checking or
savings accounts in federally insured financial institutions. It’s nearly impossible for
these businesses to wire funds, access lines of credit, or maintain payroll accounts.
The result is an industry that has been forced to pay its bills, employees, suppliers,
and taxes in cash. Briefcases and backpacks full of cash.
Enter Safe Harbor Private Banking. Concerned about the risks a cash-based industry poses to public safety, it plunged into cannabis banking determined to take money off the streets and to offer law-abiding businesses a port in a turbulent sea. Its experiences serving the cannabis industry offer a primer for other bankers considering a similar program and for policy makers and regulators eager to bring
stability to a topsy-turvy marketplace.
Navigating Safe Harbor Cannabis Banking in a Time of Uncertainty edition by Sundie Seefried Professional Technical eBooks
Sundie Seefried, CEO of Partner Colorado Credit Union in Arvada, Colorado offers a concise yet comprehensive guide for entering the marijuana business banking arena. This book describes the painstaking research and due diligence required for this endeavor.For years, marijuana businesses have struggled with controlling their cash flow. Unable to maintain bank accounts—and often having accounts closed by banks fearful of retribution by the federal government—they have operated by physically moving large amounts of cash in often dangerous situations. Imagine having to conduct your business in cash, from paying employees to funding your cost of goods sold, supplies, utility bills, rent, and especially taxes.
It all comes down to one thing: preventing money laundering. Cash businesses are rife with opportunities to conceal income. Ms. Seefried’s book details careful steps that should be undertaken by any institution desiring to enter this sector of the marijuana business. Although not perfect or always clear, there are existing guidelines from the feds: the Bank Secrecy Act, the Cole Memo, and FinCEN guidelines which essentially say ‘you can’t do this, but if you do, here’s how you do it, but you can’t do it’.
Some controls implemented by Safe Harbor Private Banking include 1) an intensive, two-week vetting process for applicants; 2) a 90/10 rule, which says 90% of all income must pass through the company's bank account, which diminishes money laundering risks; 3) careful reckoning of deposits with sales activities; 4) compliance with the BSA and timely filing of SARs (Suspicious Activity Reports); and 5) constant monitoring of red flags such as rapid movement of funds, deposits excessive to expected revenues, inconsistent financial statements, etc. This is all backed by a simple rule: deviate from your signed agreement and you will no longer have an account with us.
This book provides clear guidelines for establishing a program and is highly recommend as a stepping-off point for financial institutions seeking to enter the world of marijuana business banking.
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Navigating Safe Harbor Cannabis Banking in a Time of Uncertainty edition by Sundie Seefried Professional Technical eBooks Reviews
Great book to see how cannabis banking is done.
Trailblazer. Amazing read.
It was an easy read and had sufficient detail. However, it seem d repetitive at times. More details on access to payment systems would have been nice.
Very Helpful.
Elementary writing through the eyes of a huberous banker. The structure of this book is very similar to other management textbooks. “Navigating Safe Harbor” is a vague collection of the authors achievements with no insights into the industry. The book barely breaks the surface on challenges with regulation.
The time and effort that was taken to help an underserved market was inspiring. Sitting on the boards of two credit unions and being on the regulatory side of cannabis in my career I was so glad to see someone did what needed to be done and did it right in the process. Congrats to all involved in this endeavor. Proud that a credit union stepped up.
As an insurance professional serving credit unions, I found the entire process fascinating. Management of risk is critical to all business endeavors but particularly in the cannabis arena.
Sundie Seefried, CEO of Partner Colorado Credit Union in Arvada, Colorado offers a concise yet comprehensive guide for entering the marijuana business banking arena. This book describes the painstaking research and due diligence required for this endeavor.
For years, marijuana businesses have struggled with controlling their cash flow. Unable to maintain bank accounts—and often having accounts closed by banks fearful of retribution by the federal government—they have operated by physically moving large amounts of cash in often dangerous situations. Imagine having to conduct your business in cash, from paying employees to funding your cost of goods sold, supplies, utility bills, rent, and especially taxes.
It all comes down to one thing preventing money laundering. Cash businesses are rife with opportunities to conceal income. Ms. Seefried’s book details careful steps that should be undertaken by any institution desiring to enter this sector of the marijuana business. Although not perfect or always clear, there are existing guidelines from the feds the Bank Secrecy Act, the Cole Memo, and FinCEN guidelines which essentially say ‘you can’t do this, but if you do, here’s how you do it, but you can’t do it’.
Some controls implemented by Safe Harbor Private Banking include 1) an intensive, two-week vetting process for applicants; 2) a 90/10 rule, which says 90% of all income must pass through the company's bank account, which diminishes money laundering risks; 3) careful reckoning of deposits with sales activities; 4) compliance with the BSA and timely filing of SARs (Suspicious Activity Reports); and 5) constant monitoring of red flags such as rapid movement of funds, deposits excessive to expected revenues, inconsistent financial statements, etc. This is all backed by a simple rule deviate from your signed agreement and you will no longer have an account with us.
This book provides clear guidelines for establishing a program and is highly recommend as a stepping-off point for financial institutions seeking to enter the world of marijuana business banking.
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