Blog: Oklahoma State Bank, Shield Compliance form cannabis banking partnership – Financial Regulation News – Financial Regulation News

Oklahoma State Bank (OSB) officials said the financial institution has partnered with the cannabis banking management platform Shield Compliance to bolster the functionality and scalability of its cannabis banking program.

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OSB is slated to implement Shield Assure as a means of automating compliance tasks that include daily monitoring, seed-to-sale tracking, and reporting; Shield Engage to expedite and enhance customer onboarding; and Shield Transact to deliver digital payments options to CRBs via POSaBIT.

“We selected Shield Compliance to better meet the growing demand for cannabis banking services while improving our ability to serve the volume and diversity of license holders in Oklahoma – from independent operators to those with more complex ownership structures,” David Hardy, president and CEO of Oklahoma State Bank, said. “Based on our thorough review of their capabilities, we are confident Shield Compliance will enable us to maintain the highest levels of compliance while delivering an exceptional experience to our customers.”

OSB served as one of the state’s earliest providers of cannabis banking services.

“As one of the pioneering financial institutions providing cannabis banking services in Oklahoma, OSB is very knowledgeable about the compliance requirements of this industry and the functionality necessary to deliver an effective program,” Tony Repanich, president and Chief Operating Officer of Shield Compliance, said. “We are very pleased to be selected by OSB to improve its data collection and SAR reporting processes while enabling it to continue to scale its program as federal and state laws evolve and more competition enters the market.”

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