Alacer’s Velocity FinCrime Solutions Suite strengthens its Cannabis Screening by partnering with CRB Monitor’s robust Cannabis Corporate Intelligence Database
Bellevue, Feb 22, 2023 – The Alacer Group, a consulting and technology solutions company serving financial institutions, has entered into a strategic partnership with CRB Monitor, a comprehensive and centralized database platform covering cannabis industry participants. Combined with CRB Monitor’s curated, standardized and categorized Marijuana Related Business (MRB) database, Alacer’s AI and Machine Learning driven Velocity FinCrime Solutions Suite will now be able to equip their customers with best-in-class screening to detect and identify Cannabis-Related Businesses (CRB).
“Cannabis is and continues to be a growth industry that is in need of banking services. For those institutions that support banking the cannabis industry, they rely on high quality information and data to combat fraud and money laundering.” said Richard Paxton, Chief Executive Officer of The Alacer Group. “By partnering with CRB Monitor, a leader in helping institutions manage cannabis-related risk, our transaction monitoring solution will provide best-in-class, multi-layer advanced screening to identify bad actors in the cannabis industry.”
“We are excited to help support Alacer’s platform to help banks identify and monitor their exposure to Cannabis. Our gold standard data paired with Alacer’s industry leading AI and Machine Learning provide a best-in-class total solution” said Steven Kemmerling, CEO, and founder of CRB Monitor. “In light of continued cannabis industry and portfolio growth, we’re pleased to find more ways to help financial institutions across the spectrum of cannabis risk appetite.”
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidance on June 29, 2020, clarifying the requirements under the Bank Secrecy Act (BSA) for financial institutions providing services to marijuana-related businesses.
The 2020 Guidance applies to all financial institutions (as defined in FinCEN’s regulations). It specifies how financial institutions can conduct due diligence on hemp-related businesses (including CDD and SAR requirements) to comply with the BSA regulatory requirements. Moreover, the 2020 Guidance also supplements the December 2019 joint statement (issued by FinCEN and three other federal agencies) showing how banks provide financial services to marijuana-related businesses.
About The Alacer Group
Founded in 2009, the Alacer Group is a global consulting and technology company that services both the traditional finance industry consisting of banks, credit unions and lenders, the decentralized finance (DeFi) market, including crypto exchanges, coin companies and crypto coin lenders, as well as the gaming industry. The consultants of Alacer Group, who are among the best in the industry, possess a wealth of experience and are visionary problem solvers with a common mission. They excel in creating innovative and game-changing solutions that help institutions, large and small, gain efficiencies and increase market share.
When integrated with its Velocity FinCrime Solution Suite, a powerful and all-inclusive FinCrime solution, The Alacer Group team is uniquely positioned to help a wide variety of financial institutions prevent and detect Fraud and stay in compliance with ever changing Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and FATCA regulations.
Velocity is a comprehensive financial crime management suite that is built on an advanced AI and ML platform that enables clients to efficiently monitor customer transaction and behavior, identify and prevent fraud, perform sanctions screening and politically exposed person (PEP) matching, know-your-customer (KYC) risk scoring, customer due diligence (CDD), enhanced due diligence (EDD), anti-money laundering (AML) transaction monitoring, perform predictive analytics, and much more. The Velocity FinCrime Suite also offers support for all user functions including alert management, case management, automated workflows, reporting, and dashboards.
Velocity is the ultimate tool to protect your financial institution’s integrity, prevent financial crimes such as fraud, money laundering, human trafficking, and terrorist financing. Velocity ensures institutions worldwide not only meet but exceed regulatory compliance standards.
Velocity is designed to identify and stop bad actors, period!
About CRB Monitor
Founded in 2014, CRB Monitor empowers financial institutions to manage risk and monetize opportunity in the emerging cannabis industry with the best-in-class corporate intelligence platform. CRB Monitor has established itself as a thought leader by developing a taxonomy that clearly and consistently defines and sorts CRBs into relevant risk-based categories and typologies that are relied upon by regulated financial institutions and regulators.
Built to emulate blue-chip corporate intelligence platforms like CapitalIQ, SNL Financial, and IHS Markit, institutional clients rely upon CRB Monitor for enhanced due diligence, onboarding, research, and ongoing monitoring of this emerging, complex, and growing industry.
The incredible platform helps to improve operational efficiency by freeing analysts to spend more time on high-value risk research, not arduous data-wrangling.
Global Head of Sales
CRB Monitor Contact:
Phone : 844-672-3282
E-mail : Steve@CRBMonitor.com