Banking Cannabis Today
The risk profile of the cannabis industry has changed dramatically over the past decade, but it still remains a higher risk sector as far as the banking industry is concerned. Banks that want to work with cannabis businesses must meet stricter standards for Bank Secrecy Act and anti-money laundering compliance and must perform enhanced due diligence on those clients, says Terry Mendez, CEO of Safe Harbor. By partnering with fintechs specializing in this area, banks can outsource the regulatory infrastructure and focus on growing deposits.
Topics discussed include:
- Regulatory Guidance on Cannabis
- Specialized Infrastructure Needs
- Considerations for the Board
Terry Mendez
Mr. Mendez currently serves as Chief Executive Officer and a Director on the company’s Board of Directors. Before joining Safe Habor, Mr. Mendez, served as the Chief Executive Officer of Amos Advisory Solutions (“AMOS”), a management and outsource consulting firm through which he has held CEO and CFO roles in several cannabis and cannabis-related business. Mr. Mendez has held roles as the Vice President of Finance and Chief Accounting Officer of Hitachi Vantara, a subsidiary of Hitachi, Ltd., a global technology conglomerate. Vice President and Chief Audit Executive by Arrow Electronics Inc., an electronics components manufacturer traded on the New York Stock Exchange. Mr. Mendez started his career in public accounting with Arthur Andersen & Co. and Deloitte Touche LLC. and is an active Certified Public Accountant in the States of New York, New Jersey and Colorado and a Charted Global Management Accountant. He holds a Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School of Business.