PayNW is needing to know everything they can about a cannabis related business (CRB), including legal structure, ownership, financial status, and cannabis licenses. This information is necessary to ensure that PayNW is compliant with all applicable state and federal regulations.
Summary of PayNW CRB Compliance SOP for new clients:
Step 1: Sales begins contact with the client and schedules a demo.
Step 2: During the demo, the Compliance Specialist learns more about the client's business structure, cannabis license ownership, bank accounts, etc.
Step 3: Upon Sales receiving signed documents from the client, the Compliance Specialist sends the client two emails. One is the compliance introduction email that lays out the steps in the compliance approval process including the list of required documents. The second is a link to our secure RiskScout compliance application portal, where the client will need to complete the required fields and upload all required documentation.
Step 4: The Compliance Specialist reviews the client's application and completes a background check.
Step 5: Compliance Specialist will conduct a virtual site visit with the client and complete a site visit due diligence questionnaire.
Note: The virtual site visit is an opportunity for PayNW to see the business in operation and to ask any follow-up questions they may have. The questionnaire is used to assess any risks associated with the business, client's physical security, and compliance procedures.
Step 6: Compliance Specialist will provide the client's compliance application and uploaded documents to PayNW's banking partner, North Bay Credit Union (NBCU).
Step 7: NBCU will review the client's information and documentation to make a final decision on whether to approve the client for merchant processing.
Step 8: Once the client is approved for merchant processing, the client, Sales, Product, and Implementation will be notified. The client is now ready to begin Implementation.