Dennis Rodman, North Korea–and AML Compliance?


News

page image

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.

_______________________________

SURETY Eco–The AML software solution built for the Risk-based Approach

SURETY Eco, the end-to-end AML software ecosystem, facilitates every aspect of a true Risk-based Approach. With SURETY Eco, AML theory and your good intentions transform into a digital AML solution that adapts to your specific risk models, your specific books of business, and your specific risk appetite. AML Partners thrives on innovation in AML software solutions—innovations that deliver fully configurable software solutions that “Comply on the Fly” for your specific needs and AML program. To learn about SURETY Eco and its fully integrated CDD/KYC, transaction monitoring with optional 314a, and sanctions screening capabilities, call us today. We will show you how SURETY Eco adapts completely to your unique risk-based approach. SURETY Eco: The AML Software Ecosystem for end-to-end fully integrated AML/CFT Compliance.