As you may know, getting bank accounts can be difficult, especially if you are considered a heavily regulated or high-risk business. At Green Leaf Payroll & Business Solutions Inc., we work hard to get you the necessary bank accounts for withdrawals, taxes, payroll and more. If you are a high-risk business, such as a cannabis business, we offer in-depth advice and hand holding on how to properly structure your business to more easily obtain these banking options.
Before any banking solutions take place, we first have to vet all of our clients through an anti-money laundering (AML)process. The AML process works to prove that a company has the correct documentation and licenses and does not associate with any violent or black-market groups. This is where Green Leaf’s handholding comes alongside to help every step of the way.
A banking institution is not allowed to provide guidance on how to achieve a bank account for high-risk businesses. The AML process comes in particular use to cannabis businesses. Essentially, the AML process helps companies dot their I’s and cross their T’s and give them the push they need to open the necessary bank accounts. This is just one part of what is needed to secure a bank account as a high-risk business. There are various program requirements that a bank is looking for before they would take on a marijuana-related business.
Once a client passes the AML system and other various steps, we can go to our many bank partners and demonstrate that the business is reputable and clean, which allows us to help the client get bank accounts so they can start paying employees and scale their business. We also help clients fill out the paperwork correctly and answer any questions the bank might have.
Unlike other payroll outsourcing companies, we can also deal with cash with our clients, and we help them create a process on how to pay their employees properly while using cash.
We can take cash for taxes, invoices and cash fees so the client can do payrolls and run their business without delay.