Michael O’Neill, VP and Bank Secrecy Act Officer at Safe Harbor Private Banking stops by #CreditEcoToGo to talk about his experience building the right compliance program to bank the cannabis industry. Michael tells us cannabis bankers do not grow on trees and building the program goes beyond well beyond ordinary due diligence. Rather it is an ongoing commitment to ensure that the law is followed at every step and banking staff is educated and trained to bank the way regulators want. Safe Harbor is actively banking over 500 cannabis-related accounts and accepting more every day. Since 2015, they have been examined 15 times by state and federal banking regulators and in their latest examination, there were zero findings. Safe Harbor’s success has been from the inside-out.
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