Bellevue, Feb 22, 2023 – The Velocity FinCrime Solutions Suite 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, Velocity 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 Velocity FinCrime Solutions Suite. “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 Velocity platform to help banks identify and monitor their exposure to Cannabis. Our gold standard data paired with Velocity FinCrime Solutions Suite 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 Velocity

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 Solutions 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.

Velocity Contact:
Tom Pirro
Global Head of Sales
Phone: 678-951-6346
Email: thomas.p@velocityfss.com

CRB Monitor Contact:
Steve Kemmerling
CEO
Phone : 844-672-3282
E-mail : Steve@CRBMonitor.com