Shield Compliance launches Shield Data Hub to streamline cannabis banking compliance and risk management
New executive leadership and funding will enable company to expand operations to all 33 states with legalized cannabis.
SEATTLE, WA (March 18, 2019) — Shield Compliance (https://www.shieldbanking.com/), the industry’s only purpose-built AML/BSA compliance management and payment integrator system for banking legal marijuana-related businesses (MRBs), today announced the availability of the Shield Data Hub, greatly improving the efficiency and reliability of compliance with Financial Crimes Enforcement Network (FinCEN) guidelines for cannabis banking. Tony Repanich, who joined Shield Compliance in June 2018 as chief operating officer, was also promoted to the role of president and chief operating officer. Leveraging Repanich’s extensive banking expertise, Shield Compliance enables financial institutions to successfully navigate the complex regulatory and compliance requirements associated with serving customers in the legal cannabis industry. Repanich continues to report to Noah Carey, founder and CEO of Shield Compliance, who has over 30 years of experience in the asset and risk management field.
Enabling Scalable, Compliant Banking Operations with the Shield Data Hub
Compliant banking operations for today’s legalized cannabis industry require continuous enhanced due diligence that reaches far beyond traditional BSA/AML compliance tools. The Shield Data Hub simplifies and improves compliance and reporting requirements with the following features:
- Automated aggregation of data. The Shield Data Hub delivers a complete picture of compliance by aggregating 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.
- Real-time alerts. As new data becomes available, a complex rules engine alerts compliance staff of potential red flags allowing the financial institution to quickly understand changes within its marijuana banking portfolio and take action to protect the bank.
- Streamlined government reporting. Automating the data collection process streamlines government reporting requirements, reducing the handling time associated with filing Suspicious Activity Reports (SARs) from approximately 45 minutes to under five minutes per SAR.
- Interactive dashboard. A bank-branded portal allows financial institutions to collect and share information with their clients, further streamlining the secure collection of information necessary to validate compliance.
Today, some form of medical or recreational marijuana is legal in 33 states, representing approximately 95 percent of the US population. As more states pass legalization measures and federal cannabis legalization gains greater support, demand for banking services is growing rapidly.
“Increased acceptance of cannabis, along with rapid market growth, is ushering in a new age of opportunity – and competition – in MRB banking,” said Repanich. “For many financial institutions, the prospect of having to manage complex, expensive, and time-consuming compliance and risk management requirements is a major barrier to entry. Automating these systems with the Shield Data Hub enables financial institutions to streamline their compliance operations, improve reliability and unlock new revenue.”
New leadership and funding to support business growth
Underscoring Shield Compliance’s deep expertise in banking and regulatory compliance, the company promoted Tony Repanich to the role of president and chief operating officer. Repanich has 25 five years of commercial and retail banking experience, having served as executive vice president at Peoples Bank, a $1.7 billion community bank in Washington State, where he was responsible for all aspects of retail banking, mortgage lending, cash management, investment services, and corporate marketing. Prior to joining Shield Compliance, Repanich led a consulting firm focused on cannabis banking and finance, community banking, and financial technology. He was recently named an Innovator of the Year by the Puget Sound Business Journal for his work bringing banking solutions to the legal cannabis industry.
“A key differentiator for Shield Compliance is not only its technology solution, but also its expertise in regulatory compliance issues in the banking sector,” said Noah Carey, founder and CEO of Shield Compliance. “Tony’s promotion reflects our commitment to building an executive team led by banking and financial services experts and enabling financial institutions to successfully scale their core competencies to serve the growing cannabis industry.”
To date, Shield has raised $5 million in funding which will be used for product development, sales and marketing, and talent expansion to enable compliant cannabis banking in all legal cannabis states.
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.
