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Seattle Pot Businesses Getting Bank Accounts For Christmas

Happy holidays.
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Go ahead: Put it on your debit card!

Scrooge McFederal Government may not like it, but Washington State’s marijuana industry is getting some face time with tellers. Unlike, say, poor people and illegal immigrants in New York City.

PayQwick is registered federally as a money services business and is a licensed money transmitter in Washington state, licensed by the state’s Department of Financial Institutions. The company tailored its compliance program to meet the terms of the Washington state law that legalized the recreational use of marijuana, I-502, said Chief Executive Ken Berke….

With these features, banks using the program are assured they are doing business with marijuana companies that comply with I-502, Mr. Berke said. “Banks are using us and will open a normal business bank account for any of our clients,” said Mr. Berke. “They trust us and trust our compliance program to keep them safe.”

Compliance Program Helps Marijuana Businesses Get Banking Services [WSJ Risk & Compliance Journal]


By No machine-readable author provided. Bogdan assumed (based on copyright claims). [GFDL or CC-BY-SA-3.0], via Wikimedia Commons

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