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Alacer's Velocity FinCrime Solutions Suite Strengthens its Cannabis Screening by Partnering with CRB Monitor's Robust Cannabis Corporate Intelligence DatabaseBELLEVUE, Wash., Feb. 21, 2023 /PRNewswire/ -- The Alacer Group, a consulting and technology solutions company serving financial institutions, has entered a strategic partnership with CRB Monitor, a comprehensive and centralized database platform covering cannabis industry participants. Combined with CRB Monitor's curated, standardized and categorized Marijuana Related Business (MRB) database, Alacer's AI and Machine Learning driven Velocity FinCrime Solutions Suite will now be able to equip their customers with best-in-class screening to detect and identify Cannabis-Related Businesses (CRB). "Cannabis is and continues to be a growth industry that needs access to banking services. For those institutions that support banking the cannabis industry, they rely on high quality information and data to combat fraud and money laundering," said Richard Paxton, Chief Executive Officer of The Alacer Group. "By partnering with CRB Monitor, a leader in helping institutions manage cannabis-related risk, our transaction monitoring solution will provide best-in-class, multi-layer advanced screening to identify bad actors in the cannabis industry." "We are excited to help support Alacer's platform to help banks identify and monitor their exposure to Cannabis. Our gold standard data paired with Alacer's industry leading AI and Machine Learning provide a best-in-class total solution," said Steven Kemmerling, CEO, and founder of CRB Monitor. "In light of continued cannabis industry and portfolio growth, we're pleased to find more ways to help financial institutions across the spectrum of cannabis rik appetite." The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued guidance on June 29, 2020, clarifying the requirements under the Bank Secrecy Act (BSA) for financial institutions providing services to marijuana-related businesses. The 2020 Guidance applies to all financial institutions (as defined in FinCEN's regulations). It specifies how financial institutions can conduct due diligence on hemp-related businesses (including CDD and SAR requirements) to comply with the BSA regulatory requirements. Moreover, the 2020 Guidance also supplements the December 2019 joint statement (issued by FinCEN and three other federal agencies) showing how banks provide financial services to marijuana-related businesses. About The Alacer Group When integrated with its Velocity FinCrime Solution Suite, a powerful and all-inclusive FinCrime solution, The Alacer Group team is uniquely positioned to help a wide variety of financial institutions prevent and detect Fraud and stay in compliance with ever changing Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and FATCA regulations. About CRB Monitor Velocity Contact: CRB Monitor Contact: View original content to download multimedia:https://www.prnewswire.com/news-releases/alacers-velocity-fincrime-solutions-suite-strengthens-its-cannabis-screening-by-partnering-with-crb-monitors-robust-cannabis-corporate-intelligence-database-301751758.html SOURCE The Alacer Group |