Whether a financial institution is considering banking CRBs in the future or not, it must first correctly identify if the person or entity that is being onboarded is properly identified as high-risk. Unreliable CRB monitoring and detection procedures have already resulted in hefty fines. It is often too late when financial institutions discover that they are already banking CRBs, or their beneficial owners who are using the banking facility to launder money or carry out terrorist financing activities.
As marijuana and hemp laws transform across the US and Canada, there is a growing opportunity for financial institutions to engage with CRBs as part of their business. However, institutions that are associated with CRBs must ensure that they uphold the strictest compliance to avoid problems with the highly regulated cannabis sector. Most companies recognize this risk yet struggle to find efficient and cost-effective ways of monitoring CRBs.
HRB Check® solves this problem. KYC2020 aggregates global sanction, PEP, regulatory, criminal, and adverse media watchlist data from over 1800+ sources and 10,000+ news feeds. KYC2020 provides the most comprehensive, advanced, and affordable AML/CFT compliance database of its kind.
Now with HRB Check®, the global dataset expands to include over 53,200 MSBs, 9800+ casinos, and 6000+ virtual currency operators. KYC2020 partnered with the best-in-class provider of CRB data to add to its existing HRB data. The CRB data includes over 226,282 cannabis-related licensed operators, beneficial owners, and investment vehicles in the US and Canada.
“Banking regulated businesses is a strategic decision, but not correctly identifying or unknowingly banking a CRB is an operational and compliance failure with severe negative financial, reputational, and monetary consequences,” said Rajeev Bahri, Managing Director of KYC2020. “We are in the business of mitigating this operational risk effectively and affordably. Good watchlist data is just the first step. From risk-based sanction screening to AI-powered decision-making for rapid onboarding, to intelligent ongoing monitoring, our suite of AML compliance tools is designed to help our customers identify “know your client” (KYC) risks and get and stay compliant.”
Providing financial services to regulated entities comes with a higher risk of financial crime. This requires specific compliance measures to mitigate and control. A free trial of HRB Check® is now available. For more information click here.
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