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Oklahoma State Bank Selects Shield Compliance As Cannabis Banking Partner



Defend Compliance, a compliance administration platform for hashish banking, introduced a partnership with Oklahoma State Financial institution (OSB) to enhance the performance and scalability of its hashish banking program.

Beneath the settlement, OSB will implement Defend’s options to automate compliance duties comparable to each day monitoring, seed-to-sale monitoring and reporting, speed up and enhance the client onboarding expertise and can provide digital funds capabilities.

“OSB understands the compliance and operational necessities related to serving the authorized hashish business. It additionally has a deep appreciation for the individuality of the Oklahoma medical marijuana market, which is predicted to exceed $1 billion in gross sales for 2021,” acknowledged Defend in a current press launch. “With no cap on licenses and no qualifying situations for sufferers, almost ten % of Oklahoma residents maintain medical marijuana playing cards. In different states with authorized medical marijuana packages, sufferers are usually only one or two % of the inhabitants.” 

David Hardy, president and CEO of OSB mentioned they chose Defend Compliance to raised meet the rising demand for hashish banking providers and to enhance their capability to serve the amount and variety of Oklahoma’s license holders, “from unbiased operators to these with extra complicated possession buildings. Primarily based on our thorough evaluate of their capabilities, we’re assured Defend Compliance will allow us to keep up the best ranges of compliance whereas delivering an distinctive expertise to our clients,” Hardy mentioned.

Defend Guarantee aggregates monetary establishments’ transaction information and demographic information with restricted and publicly out there info from state and native governments, seed-to-sale monitoring, and consumer monetary statements.

“As one of many pioneering monetary establishments offering hashish banking providers in Oklahoma, OSB may be very educated in regards to the compliance necessities of this business and the performance essential to ship an efficient program,” mentioned Tony Repanich, president and COO of Defend Compliance. “We’re very happy to be chosen by OSB to enhance its information assortment and SAR reporting processes whereas enabling it to proceed to scale its program as federal and state legal guidelines evolve and extra competitors enters the market.”

Picture by Alan Villegas on Unsplash.

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