Reality of AML Compliance a backstory to Potcoin’s support of Rodman’s North Korea trip
Strange days, indeed, when Dennis Rodman and North Korea make news in the world of AML Compliance. But that is what happened this week.
A former NBA-star and Celebrity Apprentice alum, Rodman made yet another highly publicized trip to North Korea for reasons he did not specify. The AML Compliance angle arose due to Rodman’s t-shirt advertisement for Potcoin.com—the sponsor of Rodman’s trip.
Potcoin.com, for the uninitiated, is a relatively new cryptocurrency for the marijuana business, an industry largely unable to access traditional commercial banking due to the drug’s federal prohibition as a Class 1 drug. In order not to risk running afoul of BSA/AML regulations for AML Compliance, banks in the U.S. tend to avoid serving marijuana businesses. That means that these businesses must operate via all-cash transactions on the back end (salaries, the electric bill, etc.) as well as the front.
Potcoin describes itself as an “ultra-secure digital cryptocurrency, network, and banking solution for the $100 billion global legal marijuana industry.”
With a PotWallet and a mobile app, the company that launched in 2014 “provides the underserved legal marijuana industry with a decentralized banking infrastructure and payment solution. Using PotCoins, industry members will realize significant cost savings, scalability, and unparalleled enterprise security,” according to the Potcoin website.
Shares of the company spiked 97 percent on Tuesday as news of Rodman’s trip broke—and featured airport footage of Rodman wearing a Potcoin.com tshirt. But yesterday shares fell 23 percent. According to Business Insider, a potcoin is currently worth about 13 cents.
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