Boston, MA based Lighthouse Biz Solutions, a wholly owned subsidiary of GFA Federal Credit Union, has become the first east coast financial institution to become certified for outstanding U.S. monetary banking protocols in banking cannabis and hemp operations.
According to a press release, the certification is part of a financial services program overseen by the Policy Center for Public Health & Safety (PH&S) in collaboration with state attorneys general and endorsed by Safe Harbor Financial,
“The marijuana industry continues to expand in Massachusetts, and it is important to have banking safeguards to mitigate illicit and criminal conduct,” said Karl Racine, former Attorney General of the District of Columbia, and current Board member of Safe Harbor Financial.
The PH&S certification brings banking and financial services transparency to ensure the safety of the monetary system for institutions banking hemp and cannabis.
“The cannabis industry has been unbanked and underserved for years, often resulting in adverse impacts on public safety in communities where cannabis is legal,” said Lighthouse Founder Tina Sbrega.
Safe Harbor Financial has been working to develop financial systems in accord with the U.S. Department of Treasury and FinCEN, the Financial Crimes Enforcement Network.
The overall certification model is accepted by state and federal agencies as the standard of compliance and in implementing general risk mitigating strategies, says PH&S.