Oklahoma State Bank (OSB) selects Shield Compliance as Cannabis Banking Partner
Shield’s compliance management platform will support the ongoing growth of OSB’s cannabis banking program.
SEATTLE, WA (January 12, 2022) — Shield Compliance, a comprehensive compliance management platform for cannabis banking, announced a partnership with Oklahoma State Bank (OSB) to improve the functionality and scalability of its cannabis banking program. Under the agreement, OSB will implement Shield Assure to automate compliance tasks such as daily monitoring, seed-to-sale tracking, and reporting, Shield Engage to accelerate and improve the customer onboarding experience, and Shield Transact to offer digital payments capabilities to CRBs via POSaBIT.
As one of the earliest providers of cannabis banking services in Oklahoma, OSB understands the compliance and operational requirements associated with serving the legal cannabis industry. It also has a deep appreciation for the uniqueness of the Oklahoma medical marijuana market, which is expected to exceed $1 billion in sales for 2021. With no cap on licenses and no qualifying conditions for patients, nearly ten percent of Oklahoma residents hold medical marijuana cards. In other states with legal medical marijuana programs, patients are typically just one or two percent of the population.
“We selected Shield Compliance to better meet the growing demand for cannabis banking services while improving our ability to serve the volume and diversity of license holders in Oklahoma – from independent operators to those with more complex ownership structures,” said David Hardy, President and CEO of Oklahoma State Bank. “Based on our thorough review of their capabilities, we are confident Shield Compliance will enable us to maintain the highest levels of compliance while delivering an exceptional experience to our customers.”
Shield’s platform addresses the unique BSA/AML risks associated with providing cannabis banking services. Shield Assure aggregates financial institutions’ transaction data and demographic records with restricted and publicly available information from state and local governments, seed-to-sale tracking, and client financial statements. Its onboarding product, Shield Engage, facilitates the client application and underwriting process in a simple, streamlined, and secure customer experience tailored to meet banking partners’ operational requirements.
“As one of the pioneering financial institutions providing cannabis banking services in Oklahoma, OSB is very knowledgeable about the compliance requirements of this industry and the functionality necessary to deliver an effective program,” said Tony Repanich, President and Chief Operating Officer of Shield Compliance. “We are very pleased to be selected by OSB to improve its data collection and SAR reporting processes while enabling it to continue to scale its program as federal and state laws evolve and more competition enters the market.”
“POSaBIT puts compliance at the center of everything it does. We are excited to offer our solution with Shield Compliance, which we have identified as the best in the market at providing cannabis banking compliance,” said Jon Baugher, co-founder and Chief Revenue Officer at POSaBIT. “Not only are we delivering a transparent and fully compliant payments solution, but we are also accelerating the shift to cashless, contactless payments, which is critical as consumers demand more convenient shopping options.”
About Shield Compliance
Shield Compliance transforms how financial institutions manage risk, comply with regulations, and satisfy operational demands associated with serving the legal cannabis market across the U.S. Its purpose-built AML/BSA compliance management software solution sits behind the financial institution to simplify compliance, automate processes across multiple data sources, create efficiencies, unlock new revenue, and scale operations. For more information, please visit https://www.shieldbanking.com or contact info@shieldbanking.com.
