Compliance

THE PEOPLE, PROCESS, AND TOOLS THAT KEEP FUSION FINANCIAL SAFE, LEGAL AND FULLY COMPLIANT.

Audit Best Practices by Nick Youngson CC BY-SA 3.0 Alpha Stock Images

If another Company is offering fees that are less than ours, they are offering compliance that is less than ours.

If you are thinking that operating in cash is cheap or even free, download the “All Cash Business Estimates” and do the math.

If you understand that cash is a big risk, you know you will incur costs to be compliant. Below is the short list of all the reasons behind our fee structure. There is no point in depositing your cash in a bank that can’t keep your account open or perform the necessary compliance required by all the government guidelines. Experience the difference:

PRIVATE INSURANCE:

Fusion Financial is an international cash management solution so your account is not restricted by the FDIC insurance protection limit of $250,000. Fusion Financial is privately insured because we specialize in high-value accounts. High-risk accounts are typically well beyond the average daily balance and a target for cybercrime. At Fusion Financial, every account is insured dollar-for-dollar which drives the premiums well beyond normal fees. And, is worth every penny.

CORRESPONDENT BANK RELATIONSHIPS: 

It has been a long road to establish and build correspondent banking relationships that help us accomplish our global mission. The ability to have access to the global financial network would not be possible without correspondent banking and we have taken extraordinary steps to secure multiple correspondent relationships so our financial services can be delivered to our account holders just about anywhere on the planet. There are countries which are excluded from our service area, so please make sure to review your KYC Application to make sure you know which countries are currently not available for our services.

We are pleased that our correspondent bankers support our vision and are working with us to make sure we can deliver our pioneering banking solutions. Without our correspondent banks, the system to execute our business model would not be complete. The relationships we have solidified ensure that you no longer have to worry about operating in cash, how to pay vendors and employees or the crime that cash promotes. Though the banking relationship comes at a cost and those fees are built into our account maintenance fees, we are pleased to be able to provide the benefits of our banking relationships with our account holders around the world at the most reasonable fees possible.

Onsite Inspections:

Prior to the establishment of your account, Fusion Financial or its authorized designees may perform an onsite site inspection.

  • The onsite inspector will only schedule appointments directly with principal signer(s).
  • Onsite audits can range between 1 -3 hours depending on the size of the facility.
  • Typical retail audits are 90 min.
  • Combined business types may take 120-180 min or more.
  • Information collected at the location may include the following:
    • Interior and exterior walkthrough of business and supporting buildings.
    • Photos of the front, all sides, rear and inside of locations.

An example of auditor’s on-site review may include: POS system, video system, disposal, testing, hardware backup systems, signage, secure access, employee procedures, client procedures, regulatory compliance and more. After the on-site inspection is performed and all information complete the inspector will deliver their inspection report for approval or denial of service. *The Client can obtain a copy of the inspection report upon request.

2014 FinCEN Guidelines: 

  • Verify with the appropriate state authorities whether the business is duly licensed and registered
  • Review the license application (and related documentation) submitted by the business for obtaining a state license to operate its related business
  • Requesting from state licensing and enforcement authorities available information about the business and related parties
  • Develop an understanding of the normal and expected activity for the business, including the types of products to be sold and the type of customers to be served.
  • Ongoing monitoring of publicly available sources for adverse information about the business and related parties;
  • Ongoing monitoring for suspicious activity, including for any of the red flags described in this guidance
  • Refreshing information obtained as part of customer due diligence on a periodic basis and commensurate with the risk.
  • File required suspicious activity reports (“SARs”)

Fusion FINANCIAL Policies, Guidelines and Compliance:

  • Scheduled ongoing site inspections
  • Scheduled and unscheduled audits
  • Periodic document review based on a number of factors including but not limited to:
    • Name Change
    • Location Change
    • License Modification
  • Continual monitoring of suspicious or illegal activity reported and unreported examples:
    • The business receives substantially more revenue that may reasonably be expected given the relevant limitations imposed by the state in which it operates.
    • The business receives substantially more revenue than its local competitors or that might be expected given the population demographics.
    • The business is depositing more cash than is commensurate with the amount of marijuana-related revenue it is reporting for federal and state tax purposes.
    • The business is unable to demonstrate that its revenue is derived exclusively from the sale of marijuana in compliance with state law, as opposed to revenue derived from (i) the sale of other illicit drugs, (ii) the sale of marijuana not in compliance with state law, or (iii) other illegal activity.
    • The business makes cash deposits or withdrawals over a short period of time that are excessive relative to local competitors or the expected activity of the business.
    • Deposits apparently structured to avoid Currency Transaction Report (“CTR”) requirements.
    • Rapid movement of funds, such as cash deposits followed by immediate cash withdrawals.
    • Deposits by third parties with no apparent connection to the account holder.
    • Excessive commingling of funds with the personal account of the business’s owner(s) or manager(s), or with accounts of seemingly unrelated businesses.
    • Individuals conducting transactions for the business appear to be acting on behalf of other, undisclosed parties of interest.
    • Financial statements provided by the business to the financial institution are inconsistent with actual account activity.
    • A surge in activity by third parties offering goods or services to marijuana-related businesses, such as equipment suppliers or shipping services.
    • The business is unable to produce satisfactory documentation or evidence to demonstrate that it is duly licensed and operating consistently with state law.
    • The business is unable to demonstrate the legitimate source of significant outside investments.
    • A customer seeks to conceal or disguise involvement in a marijuana-related business activity. For example, the customer may be using a business with a non-descript name (e.g., a “consulting,” “holding,” or “management” company) that purports to engage in commercial activity unrelated to marijuana, but is depositing cash that smells like marijuana.
    • Review of publicly available sources and databases about the business, its owner(s), manager(s), or other related parties, reveal negative information, such as a criminal record, involvement in the illegal purchase or sale of drugs, violence, or other potential connections to illicit activity.
    • The business, its owner(s), manager(s), or other related parties are or have been, subject to an enforcement action by the state or local authorities responsible for administering or enforcing marijuana-related laws or regulations.
    • A marijuana-related business engages in an international or interstate activity, including by receiving cash deposits from locations outside the state in which the business operates, making or receiving frequent or large interstate transfers, or otherwise transacting with persons or entities located in different states or countries.
    • The owner(s) or manager(s) of a marijuana-related business reside outside the state in which the business is located.
    • A marijuana-related business is located on Federal property or the marijuana sold by the business was grown on Federal property.
    • A marijuana-related business’s proximity to a school is not compliant with state law.
    • A marijuana-related business purporting to be a “non-profit” is engaged in commercial activity inconsistent with that classification or is making excessive payments to its manager(s) or employee(s)

For more information or to apply, go to: Fusion Financial

***You can open an account immediately with a zero balance so you can experience the ease of our platform.  This allows you to see your account online and learn how to navigate through the normal financial processes for bill pay, transfer to other accounts, pay vendors, send outgoing wires and receiving incoming wires. You will not be able to deposit any funds until your KYC application has been processed and cleared.

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Become a member: When you join the Sovereign Friendly Society, you can experience the financial services, insurance options, and investment solutions SFS provides.

Open an account: Open an account with Fusion Financial and get your Aquaponics (or related) business operating safely, legally, and far more efficiently.

Download the 2014 FinCEN Guidelines

Reach out: If you have any questions, please email Info@SovereignFriendlySociety.com or call +1.866.347.3321

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