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Cannabis compliance for banks & financial institutions 

 

Simply put, Parsl automates global compliance reporting for financial institutions. It can simplify compliance reporting, provide greater security and protection for institutions and open up international markets and trade. 

By tracking products and financial activity on an item by item basis, Parsl is able to automate state compliance requirements for cannabis businesses and compile compliance reports as the system is used, rather than after the fact. 

This in turn, assists financial institutions with their own compliance reporting through simplifying the process and significantly lowering the associated costs.

Key benefits for financial institutions

Security and verification

The Parsl system provides security through complete lifecycle tracking of cannabis products allowing banks to verify and demonstrate they fully comply with FinCEN guidelines. Through using Parsl’s unique stablecoin, PODs, all interactions within the ecosystem and all financial related activity is fully tracked, immutable and transparent.

Simplifies compliance reporting

As all data is kept on a secure network, compliance reporting is significantly reduced and simplified. Once a person is KYCed in the Parsl system, compliance can be automatically verified and recorded, massively reducing the scope for human error and malicious activity.

Reduces risk

The integration of the Parsl system reduces the risk for a bank or financial service provider to provide services to a cannabis related business as all funds can be properly verified all the way back to when they began interacting with the cannabis ecosystem.

Untapped economic incentive

As financial institutions become more able to deal with cannabis related businesses they open up the ability to capitalize on a multi-million dollar market segment that would otherwise be kept on the black market. Businesses will be economically motivated to operate legally and transparently benefiting everyone in the legal supply-chain.

Interested? Contact us today