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Why do financial institutions need Cannabis monitoring software?
High-risk businesses like CRB (Cannabis Risk Businesses) are at a high risk of money laundering. This makes financial institutions skeptical about being in business with marijuana-related ventures....
Apart from the CRB monitoring list and Cannabis list, can the bank add an internal cannabis-related list for Velocity to monitor?
Yes, the cannabis monitoring module of Velocity offers a very scalable CRB screening feature.
Can the Velocity system automatically report any marijuana-related illegal activity to the authorities?
Yes, all true positive cases are escalated to the case management module (ICMR) and a report is automatically filed to FinCEN through the SAR Workflow (Suspicious Activity Report)
How does Velocity identify accounts or transactions related to cannabis banking?
Using Fuzzy logic algorithm and international matching technique, Velocity scans to the account/ individual/ transaction against the CRB monitoring list and Cannabis list. Upon finding a match the ...
Can the Cannabis monitoring module also manage cases
When CSR alerts are marked as True Positive, then a CASE will be automatically created and will be moved to the Investigator workbench for further analysis. Post that, it follows the same workflow ...
How does the Cannabis List Upload process work in Velocity?
Velocity-FinCrime Solutions Suite has its own web service. This service is directly connected with various data service provider. It has the option to schedule an upload process from a specific fol...
What are the scopes of Velocity Cannabis Monitoring modules?
The Cannabis monitoring module helps to lookup the name and address data in CRB Monitor files (Individual or Business List) against the transaction data and lets the financial institution know the ...
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