Shield Compliance Selected by Salal Credit Union as Cannabis Banking Technology Partner
Automating compliance with Shield’s technology platform will allow Salal to scale its program to meet the growing demand for cannabis banking services.
SEATTLE–(BUSINESS WIRE)–#CannaBanking–Shield Compliance (https://www.shieldbanking.com/), a comprehensive compliance management platform for banking legal cannabis-related businesses (CRBs), announced a partnership with Seattle-based cannabis banking leader Salal Credit Union. Under the terms of the agreement, Salal will implement Shield Assure to automate compliance tasks such as daily monitoring and reporting, and Shield Engage to accelerate new member onboarding.
A pioneer in the industry, Salal has provided cannabis banking services to CRBs in Washington and multiple states across the country since 2014. As of this month’s election, 35 states have legalized marijuana and demand for banking services is rising quickly.
Salal selected Shield Compliance as its technology partner to meet this growing demand. By reducing its reliance on manual, labor-intensive compliance tasks such as data collection, data entry, analysis, and government reporting, Salal can focus resources on extending its services to more members.
“Our goal is to increase our sales trajectory while limiting the amount of staff that we need to add to run the program,” said Brett Ballman, Vice President and Director of Business Services at Salal. “The opportunity to gain efficiencies that allow us to scale our program while delivering a consistent, reliable experience to our members and new applicants is what drew us to Shield Compliance and is the biggest value-add in our relationship.”
Shield Compliance offers a software platform that addresses the unique BSA/AML risks associated with providing banking services to the legal cannabis industry. Augmenting the functionality of traditional compliance systems, Shield Assure aggregates 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. Its onboarding product, Shield Engage, facilitates the application and underwriting process between CRBs and financial institutions in a simple, streamlined, and secure customer experience tailored to meet banking partners’ operational requirements.
“We are very excited that Salal turned to Shield Compliance when it identified the need for a technology solution to support its business development goals,” said Tony Repanich, President and COO of Shield Compliance. “As the industry becomes more complex with many CRBs operating in multiple markets with different regulatory systems, Shield’s platform will make it easier for Salal to manage and expand its program.”
About Shield Compliance
Headquartered in Seattle, Washington, Shield Compliance is transforming how financial institutions manage risk, comply with regulations, and satisfy operational demands associated with serving the legal cannabis market across the U.S. 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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