Independent Banker - July 2023 - 30

PORTFOLIO
Jonestown Bank & Trust's
cannabis-related business
team includes (from left)
Kim Trinh, Felix Mercado,
Ashley Hess, Hanna Hyypio
and David Brooks
FOCUS COMPLIANCE
taxes, banks' compliance programs
must be up to the task.
Banking on cannabis
compliance
For community banks that are interested in or are already working with
cannabis-related businesses, understanding compliance guidelines
surrounding that sector is vital. We spoke with experts on how to navigate
the specific requirements of this industry. By Katie Kuehner-Hebert
F
or community banks that service
cannabis businesses in states
where it's legal to sell, compliance
requirements go above and beyond
those required for commercial
customers in other industries.
Fortunately, more and more vendors
are offering technology platforms to
help ease the burden and enhance
profitability for banks.
From having to file suspicious
activity reports on each cannabisrelated
business every 90 days-even
if the business is pristine-to making
sure their deposit activity matches
the data collected on each business by
their respective states to determine if
they're money laundering or avoiding
The major concern every bank
considers when providing services
to the cannabis industry is the risk
involved, as the substance maintains
its federal illegal status. Many banks
aren't willing to accept the risk that
comes with the cannabis business.
This causes the cannabis industry to
be highly concentrated in cash, says
Delene Gilbert, director of cannabis
banking at $263 million-asset
Oklahoma State Bank in Guthrie, Okla.
" Banking cannabis requires a
considerable understanding of the
industry, a dynamic program that
is quick to adapt to ever-changing
regulation and a firm understanding
of the compliance requirements
involved at the federal and respective
state level, " Gilbert says. " Considering
each state regulates its program
differently, this is where we have
seen a significant return on investing
30 // ICBA Independent Banker // July 2023
Photo: Simone Associates

Independent Banker - July 2023

Table of Contents for the Digital Edition of Independent Banker - July 2023

Contents
Independent Banker - July 2023 - Intro
Independent Banker - July 2023 - Cover1
Independent Banker - July 2023 - Cover2
Independent Banker - July 2023 - Contents
Independent Banker - July 2023 - 2
Independent Banker - July 2023 - 3
Independent Banker - July 2023 - 4
Independent Banker - July 2023 - 5
Independent Banker - July 2023 - 6
Independent Banker - July 2023 - 7
Independent Banker - July 2023 - 8
Independent Banker - July 2023 - 9
Independent Banker - July 2023 - 10
Independent Banker - July 2023 - 11
Independent Banker - July 2023 - 12
Independent Banker - July 2023 - 13
Independent Banker - July 2023 - 14
Independent Banker - July 2023 - 15
Independent Banker - July 2023 - 16
Independent Banker - July 2023 - 17
Independent Banker - July 2023 - 18
Independent Banker - July 2023 - 19
Independent Banker - July 2023 - 20
Independent Banker - July 2023 - 21
Independent Banker - July 2023 - 22
Independent Banker - July 2023 - 23
Independent Banker - July 2023 - 24
Independent Banker - July 2023 - 25
Independent Banker - July 2023 - 26
Independent Banker - July 2023 - 27
Independent Banker - July 2023 - 28
Independent Banker - July 2023 - 29
Independent Banker - July 2023 - 30
Independent Banker - July 2023 - 31
Independent Banker - July 2023 - 32
Independent Banker - July 2023 - 33
Independent Banker - July 2023 - 34
Independent Banker - July 2023 - 35
Independent Banker - July 2023 - 36
Independent Banker - July 2023 - 37
Independent Banker - July 2023 - 38
Independent Banker - July 2023 - 39
Independent Banker - July 2023 - 40
Independent Banker - July 2023 - 41
Independent Banker - July 2023 - 42
Independent Banker - July 2023 - 43
Independent Banker - July 2023 - 44
Independent Banker - July 2023 - 45
Independent Banker - July 2023 - 46
Independent Banker - July 2023 - 47
Independent Banker - July 2023 - 48
Independent Banker - July 2023 - 49
Independent Banker - July 2023 - 50
Independent Banker - July 2023 - 51
Independent Banker - July 2023 - 52
Independent Banker - July 2023 - 53
Independent Banker - July 2023 - 54
Independent Banker - July 2023 - 55
Independent Banker - July 2023 - 56
Independent Banker - July 2023 - 57
Independent Banker - July 2023 - 58
Independent Banker - July 2023 - 59
Independent Banker - July 2023 - 60
Independent Banker - July 2023 - 61
Independent Banker - July 2023 - 62
Independent Banker - July 2023 - 63
Independent Banker - July 2023 - 64
Independent Banker - July 2023 - 65
Independent Banker - July 2023 - 66
Independent Banker - July 2023 - 67
Independent Banker - July 2023 - 68
Independent Banker - July 2023 - 69
Independent Banker - July 2023 - 70
Independent Banker - July 2023 - 71
Independent Banker - July 2023 - 72
Independent Banker - July 2023 - 73
Independent Banker - July 2023 - 74
Independent Banker - July 2023 - 75
Independent Banker - July 2023 - 76
Independent Banker - July 2023 - 77
Independent Banker - July 2023 - 78
Independent Banker - July 2023 - 79
Independent Banker - July 2023 - 80
Independent Banker - July 2023 - Cover3
Independent Banker - July 2023 - Cover4
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com