The cannabis industry has been a wild ride for federal regulators, as the conflict between state and federal regulations takes place in states like California and Colorado. There is much difficulty in running a successful cannabis business, as banks are hesitant to offer financial services to them under federal law. However, Robert Frimet, a Certified Anti-Money Laundering Specialist (CAMS) and founder of RMF Group, Inc., has made the decision to enter into the industry and make work of the federal constraints that are taking place there. The group hopes to offer solutions to these business during their transition into the legal realm of operating.

This consulting group has over 25 years of financial service experience in the Money Service Business (MSB) realm. With an additional 10 years in Anti-Money Laundering (AML) Programs, they have the tools necessary to enter into these regulatory changes that are taking place. Under foreseeable changes to Title 31 of the US Code, Marijuana service facilities are predicted to expect heavy AML Programs to prevent money laundering in a gray area of law that has not been fully regulated. This is expected to be a step in the process of legalizing the industry, and RMF is positioning to help. “The key to positive banking relationships with the marijuana industry will come down to the industry’s ability and willingness to prevent financial crimes”, Robert Frimet mentions. The industry all ready faces regulation that it may not even be aware of under title 26 trade and business regulations where Mr. Frimet has great expertise in.

The Financial Crime Enforcement Network (FinCEN) is actively involved in regulations and compliance and it could appear to be a logical step that it will be specifically attuned to this cash-based industry. Robert Frimet’s consulting group is looking for cannabis businesses that are looking for assistance in this complex part of the industry’s growth. To help jump start the compliance process, he is offering free consultation to any of these marijuana services businesses by emailing [email protected].

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