ALBUQUERQUE, New Mexico, December 14, 2021 / PRNewswire / – Today, New Mexico Attorney General Hector Balderas announces this New MexicoHeadquartered in the United States, Eagle Federal Credit Union is the first financial institution to be certified in the country for current US monetary banking protocols in cannabis and hemp banking.
This honor is part of a financial services certification program overseen by the Public Health and Safety Policy Center (PH&S) in collaboration with state attorneys general. It is also part of a larger certification effort implemented by ASTM International and PH&S.
“The marijuana industry will soon explode in New Mexico, and it is important have bank guarantees to mitigate illicit and criminal behavior. It’s a important first step in partnering with law-compliant companies in the market â, said New Mexico Attorney General Hector Balderas.
The certification brings banking and financial transparency to ensure the security of the monetary system for hemp and cannabis banking institutions.
“Credit unions were created to serve the unbanked and underserved population. The cannabis industry has been unbanked and underserved for years, often negatively impacting public safety in communities where cannabis is legal, âsaid Majors of Marsha, President / CEO of the US Eagle Federal Credit Union.
âThe basis of market validation is knowing which financial institutions follow procedures and protocols that comply with state and federal regulations law. And, so that the industry ‘Bank‘ and receive financial services and take institutional investment – financial institutions and their insurers seek advice, âsaid Karen Blanche, Executive Director, Alliance of Attorneys General.
The certification is endorsed by Safe Harbor Financial, a subsidiary of Partner Colorado Credit Union, which has led the industry in the development of financial systems in agreement with the US Department of the Treasury and FinCEN. In addition, the CEO of Safe Harbor Financial Sundie seefried is a leading expert and resource on law enforcement and regulatory matters relating to money laundering and cannabis and hemp banking.
The global certification model is accepted by state and federal agencies as the standard for compliance and in the implementation of general risk mitigation strategies. The program focuses on the following points:
- The highest level of compliance standards that will meet the expectations of BSA and FinCEN guidelines.
- Consumer filing options for cannabis related entities, including ancillary and plant contact service providers, ensuring accountability, transparency and industry reporting.
- Monitoring the internal activities of all personnel involved in the compliance program to ensure full compliance with the processes that will protect US Eagle.
- Monitor cannabis clients to ensure they are internally prepared to prevent or involve any enforcement priorities previously recorded in the Cole Memo and still referenced in the Financial Crimes Enforcement Network (FinCEN) guidelines.
- Create a transparent environment of all activities with examiners, auditors and other third parties who work with financial institutions to enhance comfort and understanding; ultimately improve long-term processes.
- Join a network of cannabis banking financial institutions that share and develop best practices regarding cannabis banking and use this shared network to help each other with safety and soundness.
- Digitize financial transactions to the highest level possible to increase transparency.
- Ensure files are complete, easy to navigate, and readily available to meet law enforcement requirements such as subpoenas, investigations, etc.
US Eagle Federal Credit Union: Is the longest-standing member-owned non-profit credit union. Founded in 1935, US Eagle offers a full line of financial products and services and has ten branches in Albuquerque, Bernalillo, Farmington, and Santa Fe. With assets of more than one $ 1.4 billion, more than 80,000 members and three times ForbesÂ® Recipient of the Best-In-State Credit Union award, US Eagle is where people matter most.Â®
About Attorneys General Alliance: Alliance AG initiates meetings, panels and discussions and serves as a host forum for bipartite cooperation within the attorney general community. Alliance AG cultivates and nurtures these relationships through webcasts, working groups and social events.
ABOUT PH&S: PH&S is a 501 (c) (4) company that addresses the challenges facing law enforcement agencies, regulators, cannabis investors and operators, and financial institutions.
Contact: Monica McCafferty – (303) 903-3394 – [emailÂ protected]
SOURCE Center for Public Health and Safety Policy