How it Works

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Cannabis-Related Businesses

How the Safe Harbor Program works for financial institutions.

We conduct the necessary due diligence on potential CRB customers.

The initial on-boarding is managed on the Safe Harbor Program side before any financial institution is brought into the equation. We have streamlined much of the process and reduced the average new customer processing time from months to weeks. This initial assessment and analysis includes critical document collection and review, a full operational review, background checks, a business practice and Cole Memo compliance review. This initial detailed evaluation means you will know any CRB you take on as a customer.

We market your services through the Safe Harbor Program.

The Safe Harbor Program is structured in a way that the CRBs are doing business with Safe Harbor branded products, which are serviced by a participating financial institution. This reduces the exposure for the participating financial institutions among the general public and serves to protect the reputation of their overall corporate brand.

This also relieves you of the time-consuming burden of attracting and on-boarding CRB customers. Tasks such as building and maintaining a website, attending trade shows, developing marketing materials and cultivating lead-generation resources are all handled by the Safe Harbor team.

We provide transaction monitoring and reporting support.

The Safe Harbor Program allows running reports on all key FinCEN related data. Monthly reports are pulled for your CRB accounts and prepared for your review and verification.

These reports include:

  • State tax filings matched to the POS data to verify the amount sold and the amount paid
  • Seed-to-sale information to verify that deposits match sales
  • Peer-to-peer comparisons that enable you to see trends as they develop

We incorporate ongoing independent program reviews.

Regular, third-party system audits are an integral piece built into the Safe Harbor Program. The program mandates that financial institutions use an approved independent, third-party CPA firm to conduct audits of all financial institution partners to ensure the program follows FinCEN guidelines. The findings will be reported to the Safe Harbor Advisory Board, Safe Harbor Services and the financial institution.

The independent auditor will embrace the most current best practices and assure that the Safe Harbor Program is in line with each state’s latest rules and regulations.

Our independent review program includes:

  • Audits of Safe Harbor Program Staff
  • Audits of Financial Institution Partner Staff
  • Program FinCEN guidelines verification
  • Oversight of Vendor Due Diligence
  • Formal reporting for Safe Harbor and financial institutions

You receive a simplified, secure way to extend your reach to the multibillion-dollar cannabis industry.

The Safe Harbor Program is designed to manage the due diligence, monitoring and reporting issues that are the typical barriers to providing financial services to CRBs. This means your bank or credit union can add CRBs to your customer portfolio without having to invest in building the infrastructure, workforce or systems yourself. Of course, you will have to dedicate some people to specialize in servicing these customers, but the Safe Harbor Program includes the training they will need to become experts and to maintain your CRB accounts.

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Become a Safe Harbor Program Partner today

With the Safe Harbor Program helping manage the due diligence, monitoring and reporting requirements that are typical barriers, we make it effective for you to provide banking services to CRBs. The sooner you become a Safe Harbor partner, the greater your opportunity to capture early market share and gain access to a variety of additional revenue streams. You also increase your market position as a go-to industry leader in your state as well as nationally.

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