Dama Financial and its bank partners offer a banking solution specifically designed for cannabis-related businesses (CRBs). Dama Financial provides CRBs access to secure online banking services that minimize the financial and safety risks of having large amounts of cash on hand. Clients save time on cash management with a convenient courier service to pick up and deposit funds, and have the ability to make electronic payments and transfer funds between Dama accounts quickly. Clients enjoy peace of mind in knowing their funds are secure.
Our goal is to provide CRBs with a safer, more convenient way to manage business transactions. We know that operating a cash-based business can be challenging, posing risks to the business and its employees, as well as its customers and the local community. We believe CRBs should have access to banking services similar to those offered to other more traditional types of businesses.
Working with our bank partners, we help CRBs:
- Create a safer environment for their employees and customers
- Run their business more efficiently without the need to carry a large amount of cash
- Pay vendors, utility services and tax authorities electronically
- Receive payments electronically and transfer funds between accounts
We learn about each prospective Client‘s business and its compliance management programs. Our extensive due diligence process follows Know Your Customer (KYC) guidelines associated with the Bank Secrecy Act (BSA). It begins with verifying the information you provided on your Account Request Form and your Account Application. We learn about your organization, who owns it and who are the key decision makers. We also verify your locations, your vendors and business partners.
As part of our due diligence process, we will conduct a phone interview and an onsite visit to each of your locations, helping us obtain additional information about your business operations and security.
We provide banking services through our trusted Bank Partners. Once your Application has been approved, we’ll provide you with an account and routing number along with information about the valuable services available to your business. Deposits to your Account are held by our bank partners. Dama Financial manages the delivery of services on behalf of our bank partners and provides marketing, compliance monitoring and client support services.
We stay current on ever-changing regulatory and compliance requirements. The federal government considers marijuana an illegal substance yet many states have legalized marijuana for medical use, and some for recreational use as well. This has created complexities and confusion among state regulatory agencies and business owners. Dama Financial practices strict compliance with regulatory and FinCEN guidance and stays up-to-date on state laws and regulations related to CRBs.
Dama Financial offers a turn-key service:
- Have cash picked up and deposited by armored courier service
- Access your account 24/7 online and by mobile
- Deposit cash, checks or electronically (ACH/Wire)
- Pay vendors, taxes, utilities and employees electronically or by check
- Funds received from other Dama accounts have no fee
- Receive real-time transaction alerts by email or text message
- Get exceptional service from a dedicated Relationship Manager