We know that operating a cash-based business can be challenging, posing risks to the business and its employees, as well as its customers and the local community. We believe CRBs should have access to banking services similar to those offered to other more traditional types of businesses.
Working as an Agent of our bank partners, we help CRBs:
Our extensive due diligence process follows Know Your Customer (KYC) guidelines associated with the Bank Secrecy Act (BSA). We learn about your organization through a phone consultation and verify the information you provide in your Account Application. Lastly, we conduct an on-site visit to each of your locations, helping us understand your business operations and security.
Once your application has been approved, we’ll provide you the name of the bank that will hold your funds, the routing and account numbers. Dama Financial manages the delivery of services on behalf of our bank partners.
The federal government considers marijuana an illegal substance yet many states have legalized marijuana for medical use, and some for recreational use as well. This has created complexities and confusion among state regulatory agencies and business owners. Dama Financial practices strict compliance with regulatory and FinCEN guidance and stays up-to-date on state laws and regulations related to CRBs.