Cannabis Business Banking in Hawaii
- Hawaii Cannabis
- Cannabis Business in HI
- Cannabis Business Banking in Hawaii
Related Pages:
Regulatory Framework for Cannabis Banking in Hawaii
- The Division of Financial Institutions (DFI) under Hawaii's Department of Commerce and Consumer Affairs regulates cannabis banking.
- The DFI Commissioner collaborates with the Attorney General to create administrative codes for compliance with state and federal laws.
- These codes address challenges like managing proceeds from cannabis-related businesses.
- The Hawaii Department of Health's Medical Cannabis Dispensary Program offers resources on banking for cannabis dispensaries.
- Chapter 11-850 of the Hawaii Administrative Rules outlines financial operation guidelines for medical cannabis dispensaries.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in HI | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| Green Check | FINTECH |
| Safe Harbor Financial | FINTECH |
| Wauna Credit Union | Credit Union |
- Are you a Hawaii-licensed financial institution providing banking services to cannabis-related businesses? Request to be listed .
Contact a Banker To Discuss Your Business Needs
Reach out with any questions!A Tightrope of Compliance
Banks that do venture into cannabis banking must adhere to rigorous compliance standards. Here's what it takes:
- Licensing Verification: Ensuring businesses hold valid state licenses and registrations.
- Documentation Review: Scrutinizing license applications and associated paperwork for authenticity and compliance.
- Understanding the Business: Gaining detailed knowledge of a client's operations, including product offerings and scale.
- Ongoing Monitoring: Keeping an eye on public records for red flags about clients or their associates.
- Periodic Updates: Regularly refreshing customer due diligence (CDD) records to account for changes in operations or compliance.
Compliance also means aligning with federal guidelines, such as those issued by the Financial Crimes Enforcement Network (FinCEN). Banks must file specific SARs for cannabis businesses, categorized as Marijuana Limited SARs, Marijuana Priority SARs, and Marijuana Termination SARs.
Cashless Solutions to a Cash Problem
Hawaii has taken a proactive step to tackle the cannabis industry’s reliance on cash. Hawaii has required cashless payment systems for cannabis transactions, enhancing safety and transparency.
Partnering with CanPay, Hawaii introduced mobile debit payment options to mitigate the risks tied to cash handling. This system ensures a more secure experience for patients and businesses alike.