In an enlightening episode of "The Ncast" podcast, host Stephanie Lyon engages with Tim Rademaker, a seasoned expert in financial risk management. Tim shares crucial insights on navigating the challenges of banking cannabis-related businesses, emphasizing risk assessment, compliance, and the potential impact of evolving regulations.
Hey there! You won't believe the incredible chat we had on the latest episode of "The Ncast" podcast. I sat down with Tim Rademaker, who's like the guru of all things risky business in the financial world. Picture this: moving from a place where weed's been legal for ages to a state where the cannabis market's booming, and financial institutions are struggling to keep up. That's Tim's scene.
We dove right into it – the crazy challenges credit unions face when they accidentally end up banking marijuana-related businesses, and let me tell you, Tim spilled some serious truth bombs. He's got this whole risk assessment thing nailed down. Imagine not even knowing you're in a risky game – that's the state most credit unions are in. Tim's like the risk whisperer, helping them figure out whether to dive in or just watch from the sidelines.
But that's not all – he dishes out the real scoop on how to handle the whole cannabis banking game. He's got this term, "KYC-U," which translates to "Know Your Credit Union." He's all about prepping credit unions with some serious BSA and AML compliance muscle before they wade into the cannabis pool. Tim spills the beans on using tech to make things run smoother in this unique industry.
We also tackled the nitty-gritty – think due diligence, watching transactions like a hawk, and managing risks like a champ. And here's the kicker – he's got the inside track on what's coming next in cannabis banking regulations. Safe Banking Act, STATES Act, MORE Act – he breaks them all down.
Tim's got this uncanny ability to make complex financial stuff sound like a breeze. I mean, I'm no risk expert, but after this chat, I felt like I could totally get the hang of it. So, if you're even a tiny bit curious about the wild world of cannabis banking, you absolutely can't miss this episode. Trust me, Tim's nuggets of wisdom are worth their weight in gold. Check out "The Ncast" podcast, and get ready to dive deep into the risky business with Tim Rademaker!