SACRAMENTO, Calif.–(BUSINESS WIRE)–NatureTrak, the leading cannabis compliance solution for financial institutions, has added former state and federal banking regulator, Nathan McDonald, J.D., to its executive leadership team. As Chief Risk Officer and General Counsel, McDonald will lead regulatory and compliance services for NatureTrak. As the cannabis industry continues to grow, effectively managing the risk associated with banking this burgeoning industry is quickly becoming a top priority for financial institutions, with medical cannabis legal in 38 states (plus the District of Columbia) and adult use in 18 states (plus the District of Columbia).
“The cannabis industry has reached a tipping point. While Congress is still working on legalization at the federal level, the rapid movement toward legalization at the state level underscores the bright future of the cannabis industry,” said Jontae James, Founder and CEO of NatureTrak. “Proactive financial institutions know this is an industry that they cannot afford to ignore but realize that a comprehensive compliance solution is needed before entering the market. We’ve been hard at work on that solution. With the addition of Nathan as Chief Risk Officer, our clients and prospects have access to one of the leading minds who is deeply in tune with the ever-changing regulatory landscape.”
NatureTrak, the leading authority on the cannabis supply chain, is revolutionizing and legitimizing the fast-growing cannabis industry. The company has validated and verified more than $2 billion in cannabis-related transactions, including more than $900 million in cash deposits.
McDonald added, “The team Jontae has built is second to none. Not only do they understand the cannabis supply chain better than anyone, but the state-of-the-art SaaS platform they developed uses automation and predictive learning technology to effectively mitigate the higher risk that’s associated with banking the cannabis industry. As the data has shown, this is a highly profitable industry for financial institutions to serve and it’s in the midst of explosive growth. While this presents substantial opportunities to grow deposits and lending volume it carries a higher risk that must be effectively managed. We address this problem by providing a robust, standard-setting solution that enables banks and credit unions to scale their cannabis banking programs while significantly reducing inherent risk to a degree that far exceeds regulatory requirements and expectations. I am excited to join the right team, with the right mission and the right solution at the right time.”
A former state and federal banking regulator as well as former in-house counsel at two financial institutions. McDonald received his Juris Doctor (J.D.) degree from the University of Texas School of Law and his bachelor’s degree in business administration (B.B.A.) from St. Mary’s University. McDonald is an alumnus of the New York Metro Field Office of the Comptroller of the Currency and serves on the Board of Directors of the Southwest Association of Bank Counsel.
NatureTrak’s latest white paper, A New Standard: BSA/AML Risk Management of Cannabis Banking, explores cannabis money laundering typologies and highlights the benefits of automation and predictive learning as it relates to:
- Deposit validation methods
- Suspicious activity monitoring approaches
- Regulatory examination experience and outcomes
Federal and state examination tested, NatureTrak’s comprehensive solution allows financial institutions to bank cannabis safely and profitably with features like pre-deposit validation, automated audit support, and license and entity verification. For more information, visit naturetrak.com.
NatureTrak is the leading compliance and risk management solution for financial institutions serving the cannabis industry. Our technology provides a full suite of compliance tools that mitigates risk, provides real-time transparency, and maximizes efficiencies. Federal and state examination tested, NatureTrak’s comprehensive solution allows financial institutions to bank cannabis safely and profitably with features like pre-deposit validation, license verification, and automated SAR and CTR reporting. NatureTrak is revolutionizing how financial institutions are serving the emerging cannabis industry from seed to deposit. The company has successfully validated over $2 billion in cannabis-related transactions, including over $900 million in cash deposits and more than $250 million in tax payments. For more information, visit naturetrak.com.