Shield Compliance, a comprehensive compliance management platform for banking legal marijuana-related businesses (MRBs), announced a partnership with California-based KeyPoint Credit Union to support its cannabis banking program. KeyPoint announced through this partnership, the Credit Union has implemented Shield Assure, Shield’s compliance management tool, Shield Engage, the company’s newly launched client onboarding system, and Shield Transact, which enables cashless, electronic payments. The Director of Risk Management, Cole Saini, Di remarked, “We selected Shield Compliance as our technology partner because it enables us to deliver on our AML/BSA requirements while reducing our reliance on expensive human capital to manage the program. As a result, we have lowered our costs significantly while improving the member experience.” Today KeyPoint is one of California’s largest credit unions with seven branches and more than 63,000 members. KeyPoint launched a cannabis banking pilot program in February, just as the coronavirus pandemic was hitting our shores. While initial interest from MRBs slowed as the economy came KeyPoint’s program quickly reached capacity in the following months.
Mmp News Author, Medical Marijuana Program Connection, 09/08/2020 12:27:45