Shield Compliance Launches Shield Data Hub to Streamline Cannabis Banking Compliance and Risk Management

Shield Compliance (https://www.shieldbanking.com/),
the industry’s only purpose-built AML/BSA compliance management and
payment integrator system for banking legal marijuana-related businesses
(MRBs), today announced the availability of the Shield
Data Hub, greatly improving the efficiency and reliability of
compliance with Financial Crimes Enforcement Network (FinCEN) guidelines
for cannabis banking. Tony
Repanich, who joined Shield Compliance in June 2018 as chief
operating officer, was also promoted to the role of president and chief
operating officer. Leveraging Repanich’s extensive banking expertise,
Shield Compliance enables financial institutions to successfully
navigate the complex regulatory and compliance requirements associated
with serving customers in the legal cannabis industry. Repanich
continues to report to Noah Carey, founder and CEO of Shield Compliance,
who has over 30 years of experience in the asset and risk management
field.

Enabling Scalable, Compliant Banking Operations with the Shield Data
Hub

Compliant banking operations for today’s legalized cannabis industry
require continuous enhanced due diligence that reaches far beyond
traditional BSA/AML compliance tools. The Shield Data Hub simplifies and
improves compliance and reporting requirements with the following
features:

• Automated aggregation of data. The Shield Data Hub delivers a
  complete picture of compliance by aggregating financial institutions’
  transaction data and demographic records with restricted and publicly
  available information from state and local governments, seed to sale
  tracking, and client financial statements.
• Real-time alerts. As new data becomes available, a complex
  rules engine alerts compliance staff of potential red flags allowing
  the financial institution to quickly understand changes within its
  marijuana banking portfolio and take action to protect the bank.
• Streamlined government reporting. Automating the data
  collection process streamlines government reporting requirements,
  reducing the handling time associated with filing Suspicious Activity
  Reports (SARs) from approximately 45 minutes to under five minutes per
  SAR.
• Interactive dashboard. A bank-branded portal allows financial
  institutions to collect and share information with their clients,
  further streamlining the secure collection of information necessary to
  validate compliance.

Today, some form of medical or recreational marijuana is legal in 33
states, representing approximately 95 percent of the US population. As
more states pass legalization measures and federal cannabis legalization
gains greater support, demand for banking services is growing rapidly.

“Increased acceptance of cannabis, along with rapid market growth, is
ushering in a new age of opportunity – and competition – in MRB
banking,” said Repanich. “For many financial institutions, the prospect
of having to manage complex, expensive, and time-consuming compliance
and risk management requirements is a major barrier to entry. Automating
these systems with the Shield Data Hub enables financial institutions to
streamline their compliance operations, improve reliability and unlock
new revenue.”

New leadership and funding to support business growth

Underscoring Shield Compliance’s deep expertise in banking and
regulatory compliance, the company promoted Tony Repanich to the role of
president and chief operating officer. Repanich has 25 five years of
commercial and retail banking experience, having served as executive
vice president at Peoples Bank, a $1.7 billion community bank in
Washington State, where he was responsible for all aspects of retail
banking, mortgage lending, cash management, investment services, and
corporate marketing. Prior to joining Shield Compliance, Repanich led a
consulting firm focused on cannabis banking and finance, community
banking, and financial technology. He was recently named
an Innovator of the Year by the Puget Sound Business Journal for his
work bringing banking solutions to the legal cannabis industry.

“A key differentiator for Shield Compliance is not only its technology
solution, but also its expertise in regulatory compliance issues in the
banking sector,” said Noah Carey, founder and CEO of Shield Compliance.
“Tony’s promotion reflects our commitment to building an executive team
led by banking and financial services experts and enabling financial
institutions to successfully scale their core competencies to serve the
growing cannabis industry.”

To date, Shield has raised $5 million in funding which will be used for
product development, sales and marketing, and talent expansion to enable
compliant cannabis banking in all legal cannabis states.

About Shield Compliance

Headquartered in Seattle, Washington, Shield
Compliance is transforming the way financial institutions manage
risk, comply with regulations and satisfy operational demands associated
with serving the legal cannabis market across the United States. Its
purpose-built AML/BSA compliance management software solution sits
behind the financial institution to simplify compliance, automate
processes across multiple data sources, create efficiencies, unlock new
revenue, and scale operations. For more information, please visit https://www.shieldbanking.com/
or contact [email protected].

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