Medical Cannabis Payment Solutions (OTC:REFG), a leader in technological solutions for the medical cannabis industry, announced today the company will begin offering bank accounts to qualified and licensed medical marijuana establishments.
“State licensed medical marijuana establishments should not be sidelined out of the basic banking services they need because of flaws and limitations to our federal medical marijuana policy,” said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions. “With the federal guidance for banking marijuana proceeds, President Donald Trump’s assurances of our federal policy and the renewal of Rohrabacher-Farr, we will be able to provide not only payment processing but banking services as well.”
The Treasury Department issued FIN-2014-G001 – Bank Secrecy Act (BSA) Expectations Regarding Marijuana-Related Businesses on February 14, 2014. The guidance clarifies how financial institutions can provide services to state sanctioned marijuana businesses while maintaining their obligations to comply with BSA. It also allows access to other financial services for marijuana-related businesses while keeping all activity transparent. The direction requires adequate safeguards, such as ongoing monitoring of accounts, proper suspicious activity report (SAR) reporting and adequate (and enhanced) customer due diligence.
“Because of our end-to-end payment system, our successful government relations program and our focus on regulatory compliance, we believe we offer the nation’s only truly compliant payment and banking solution for state sanctioned marijuana,” said Jeremy Roberts. “We believe we are uniquely positioned to comply with all federal guidance and applicable laws and regulations.”