Velocity delivers accelerated screening of Cannabis-Related Businesses (CRB) with an integrated alert system. This module comes equipped with the international matching technique, fuzzy logic, which can be used to identify cannabis-related organizations as well as individual entities. With faster processing of CRB Monitor lists and exponentially reducing ‘false matches’, the task of the investigation by analysts has never been easier.
Financial institutions have a decision to make
Although many states have legalized the use of Cannabis, it remains illegal under federal law. Financial institutions are thus, skeptical about being in business with marijuana-related ventures.
(a) CRBs are highly regulated businesses from seed to distribution
(b) These services carry a high risk of questionability and controversy
The biggest risk thus lies with not correctly identifying CRBs and eventually leading to be in business with them which increases the likelihood of financial institutions breaching regulatory guidelines.
To avoid being penalized for aiding and abetting a federal crime, the entire responsibility lies on banks to perform thorough customer due diligence and alert FinCEN analysts if such a transaction transpires.
Velocity’s cannabis screening module allows faster scanning of CRB Monitor Lists against transaction and customer data and generates prompt alerts. Financial institutions are thus equipped with enough data to make an informed decision quickly and efficiently.
- Cannabis File list
- CRB Monitor list
- Role-based user access to ensure confidentiality
- Transaction record comparison for Name and Address match
- Schedule uploads from folder paths
- Alert generated to analysts
- True positives escalate to case filing in ICMR and SAR workflow
- Audit trails for all user actions
Role-based access Multiple workbenches dedicated to FinCEN Analyst, Investigator, Manager, BSA, and FinCEN Admin
Enhanced control of the investigation Configurable threshold settings for name and address match makes it easier for financial institutions to set their parameters
Autonomous process of list upload Velocity gives you the option of manually uploading screening lists or scheduling an upload from folder paths to deliver efficient screening results
Unravel relationships Identify linkages, decipher cannabis-related transactions with reduced false positives and investigate CRB activity through active case monitoring
Dedicated case management workflows Interactive dashboards and reports to track the progress of cases created specifically for CRB
Scalable CRB screening
With the implementation of fuzzy logic, Velocity can screen large sets of CRB monitor lists within a few minutes to promptly scan against the transaction data and generate alerts.
Know your customers well
Velocity’s enhanced KYC module accurately detects CRBs so that banks can take an informed decision.
Reduced false positives
We know analysts are busy .Thus, Velocity is designed to make their work easier, not harder. The module has gone through extensive testing and multiple degrees of fine-tuning to provide you with high-precision results.