CANNAINVESTOR Magazine December / January 2016 - Page 158

About Us

PayQwick is a federally registered Money Services Business licensed by the Washington State Department of Financial Institutions, the Oregon Division of Finance and Corporate Securities and the Arizona Department of Financial Institutions as a money transmitter. PayQwick is the first money transmitter in Washington, Oregon and Arizona serving the legal marijuana industry. PayQwick enables legal marijuana commerce by bringing well-established and proven payment processing, regulatory compliance and cash management services to the licensed marijuana industry. In doing so, it and reduces the risk of violent crime, money laundering and illegal drug sales.

Compliance

PayQwick is first and foremost a compliance platform. Its proprietary compliance assessment programs incorporate all applicable federal laws and guidelines and are tailored to each state’s marijuana regulations. Additionally, PayQwick also requires its clients to adhere to a rigorous BSA/AML compliance program. To ensure that it meets all federal requirements, PayQwick performs thorough “Know Your Customer” due diligence on every client and files all necessary Currency Transaction Reports (CTRs) and “Marijuana Limited” Suspicious Activity Reports (SARs).

PayQwick has been active in Washington State for nearly two years. During this time, the Washington State Department of Financial Institutions (“DFI”) and the Washington State Liquor Control Board (“LCB”) have fully supported PayQwick and have recognized the security and heightened level of compliance that PayQwick provides legal marijuana businesses.

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