In an exclusive story, Benzinga, a "media and data technology startup empowering a new generation of investors," broadcast the news of CRB Monitor's partnership with Tier1 Financial Solutions. Here's a short excerpt from the article:
What Happened
According to information procured exclusively by Benzinga, the companies will leverage Tier1’s Alessa solution to deliver a comprehensive anti-money laundering and cannabis compliance solution for financial institutions to enhance compliance workflows and monitoring.
“The industry growth of cannabis-related businesses (CRB) has been nonstop. We are excited to bring best-in-class cannabis compliance solutions to Alessa clients including banks and credit unions by providing the intelligence and analysis needed to manage CRB portfolio risk exposure and meet regulatory expectations effectively,” said Steven Kemmerling, CEO and founder of CRB Monitor. “The new alliance will combine CRB Monitor’s independent, third-party validation and monitoring database with Alessa’s transaction monitoring and AML compliance capabilities, delivering more seamless access to industry-leading data and expertise to reduce cannabis-related risks.”
Andrew Simpson, COO at Alessa by Tier1 Financial Solutions is also excited about being able to help financial institutions more effectively identify and manage risks and opportunities associated with cannabis businesses.
“Without the proper monitoring and data solutions, it’s very difficult for financial institutions and CRBs to maintain suitable compliance protocols. Once a financial institution has the right information, it can perform sufficient due diligence and develop a risk profile that can outline the types of services it may or may not offer to a business," Simpson said.