CRB Monitor Partners with Alessa by Tier1 Financial Solutions to Deliver Cannabis Risk Intelligence
CRB Monitor, the nation's leading provider of cannabis corporate intelligence, has partnered with Tier1 Financial Solutions to leverage its Alessa solution to deliver a comprehensive anti-money laundering and cannabis compliance solution for financial institutions to enhance compliance workflows and monitoring.
NASHVILLE, Tenn., Jan. 25, 2022 /PRNewswire-PRWeb/ -- CRB Monitor, the nation's leading provider of cannabis corporate intelligence, has partnered with Tier1 Financial Solutions to leverage its Alessa solution to deliver a comprehensive anti-money laundering and cannabis compliance solution for financial institutions to enhance compliance workflows and monitoring.
"The industry growth of cannabis-related businesses (CRB) has been nonstop. We are excited to bring best-in-class cannabis compliance solutions to Alessa clients including banks and credit unions by providing the intelligence and analysis needed to manage CRB portfolio risk exposure and meet regulatory expectations effectively," said Steven Kemmerling, CEO and founder of CRB Monitor. "The new alliance will combine CRB Monitor's independent, third-party validation and monitoring database with Alessa's transaction monitoring and AML compliance capabilities, delivering more seamless access to industry-leading data and expertise to reduce cannabis-related risks."
"We're excited to help financial institutions more effectively identify and manage risks and opportunities associated with cannabis businesses," said Andrew Simpson, Chief Operating Officer at Alessa by Tier1 Financial Solutions. "Without the proper monitoring and data solutions, it's very difficult for financial institutions and CRBs to maintain suitable compliance protocols. Once a financial institution has the right information, it can perform sufficient due diligence and develop a risk profile that can outline the types of services it may or may not offer to a business."
Though marijuana remains federally illegal in the United States, numerous states have legalized the sale and use of marijuana. Depository institutions face several risks associated with banking with a business that engages in federally illegal activity, such as the sale of marijuana, even if legalized at the state level. Those risks include potential enforcement actions, criminal liability or losing their charter, which could leave members without services. To serve the industry, depository institutions need robust cannabis-specific policies and common-sense procedures to stay in line with existing banking regulations. Also, institutions choosing not to knowingly serve the industry must effectively identify unknown marijuana-related accounts among their customer base.
As a result, depository institutions are increasingly seeking to understand the potential implications of banking marijuana-related businesses (CRBs). The legal status of marijuana in states determines the level of regulatory oversight exercised on a financial institution providing services to a CRB.
CRB Monitor has developed the largest database of cannabis-related businesses (CRBs), licenses, and ownership. Today, leading financial institutions rely upon CRB Monitor and its independent data as a regtech solution to effectively monitor cannabis businesses to meet regulatory expectations and requirements. As of September 2021, CRB Monitor's banking clients had more than $3 trillion in assets.
As an industry-recognized compliance software solution, Alessa's anti-money laundering (AML) and fraud prevention solutions are used by financial institutions worldwide, including banks, credit unions, money services businesses (MSBs), casinos and fintechs, and fraud preventions solutions.
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About CRB Monitor
CRB Monitor empowers financial institutions and cannabis industry participants to better manage and monetize cannabis-related risks and opportunities. Known for its breadth, depth, and integrity, CRB Monitor has become the industry standard for cannabis-related market intelligence, with daily coverage of over 54,000 Tier 1 CRBs, 98,000 cannabis business licenses, 81,000 beneficial owners, and 1,600 cannabis-linked securities. CRB Monitor was founded in 2014 and is led by a team of banking, investment management and corporate intelligence veterans. CRB Monitor is based in Nashville, Tennessee. Learn more about CRB Monitor at http://www.CRBMonitor.com. and on LinkedIn and Twitter.
About Alessa by Tier1 Financial Solutions
Alessa by Tier1 Financial Solutions is a compliance, controls monitoring, and fraud prevention solution for banking, insurance, fintech, gaming, manufacturing, retail and more. With deployments around the world, Alessa allows organizations to quickly detect suspicious transactions, identify high-risk customers and vendors and decrease fraud risks that reduces profitability and increases costs. To learn more about how Alessa can help your organization ensure compliance to regulations, detect complex fraud schemes, and prevent waste, abuse, and misuse, visit us at https://tier1fin.com/alessa/ and on LinkedIn and Twitter.
Media contact for CRB Monitor:
Daniel Delson
[email protected]
Media contact for Alessa by Tier1 Financial Solutions
P.J. Kinsella
+1 973-255-7153
[email protected]
Media Contact
Daniel Delson, CRB Monitor, +1 (917) 328-9337, [email protected]
SOURCE CRB Monitor
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