Compliance & Regulations

1. Regulatory Overview

VirdisPay operates as a non-custodial cryptocurrency payment processor specifically designed for the hemp, CBD, and licensed cannabis industries. We are committed to maintaining the highest standards of regulatory compliance across all jurisdictions where we operate.

2. United Kingdom Compliance

2.1 Financial Conduct Authority (FCA)

• Registration: We comply with FCA regulations for crypto asset businesses
• Anti-Money Laundering: Full compliance with UK AML regulations
• Customer Due Diligence: Enhanced due diligence for high-risk customers
• Transaction Monitoring: Real-time monitoring for suspicious activities

2.2 Cannabis Industry Regulations

• Medicinal Cannabis: Compliance with MHRA regulations for medicinal cannabis businesses
• Industrial Hemp: Support for licensed hemp cultivation and processing
• CBD Products: Compliance with Novel Food regulations
• Licensing Requirements: Verification of all required business licenses

2.3 Data Protection

• GDPR Compliance: Full adherence to General Data Protection Regulation
• Data Processing: Lawful basis for all data processing activities
• Data Subject Rights: Full support for individual privacy rights
• Data Breach Procedures: Comprehensive incident response protocols

3. United States Compliance

3.1 Federal Regulations

• Bank Secrecy Act (BSA): Compliance with anti-money laundering requirements
• USA PATRIOT Act: Enhanced due diligence and reporting requirements
• OFAC Sanctions: Screening against all applicable sanctions lists
• FinCEN Guidance: Adherence to cryptocurrency-specific guidance

3.2 State-Level Compliance

3.3 Cannabis Industry Regulations

• 280E Compliance: Support for businesses navigating tax regulations
• Seed-to-Sale Tracking: Integration with state tracking systems
• Banking Regulations: Compliance with federal banking guidance
• Interstate Commerce: Proper handling of cross-state transactions

4. Anti-Money Laundering (AML) Program

4.1 AML Framework

• Risk Assessment: Comprehensive risk-based approach to compliance
• Customer Due Diligence: Enhanced due diligence for high-risk customers
• Transaction Monitoring: Real-time monitoring of all transactions
• Suspicious Activity Reporting: Timely reporting to relevant authorities

4.2 Know Your Customer (KYC) Procedures

5. Data Security and Privacy

5.1 Security Standards

• ISO 27001: Information security management system
• SOC 2 Type II: Security, availability, and confidentiality controls
• PCI DSS: Payment card industry data security standards
• Encryption: AES-256 encryption for data at rest and in transit

5.2 Privacy Compliance

• CCPA: California Consumer Privacy Act compliance
• GDPR: General Data Protection Regulation compliance
• PIPEDA: Personal Information Protection and Electronic Documents Act
• Data Minimization: Collection and processing of only necessary data

6. Regulatory Reporting

6.1 Transaction Reporting

• CTR Reporting: Currency Transaction Reports for qualifying transactions
• SAR Filing: Suspicious Activity Reports to FinCEN
• State Reporting: Compliance with state-specific reporting requirements
• Tax Reporting: Support for 1099 and other tax reporting obligations

6.2 Compliance Monitoring

• Regular Audits: Quarterly compliance assessments
• Risk Assessments: Annual comprehensive risk evaluations
• Training Programs: Ongoing staff training on regulatory requirements
• Policy Updates: Regular updates to reflect regulatory changes

7. Industry Partnerships

7.1 Regulatory Bodies

• Cannabis Regulators Association: Active participation in industry discussions
• Financial Crimes Enforcement Network: Regular communication and reporting
• State Cannabis Commissions: Collaboration with state regulatory bodies
• Banking Associations: Partnership with cannabis-friendly banking institutions

7.2 Industry Organizations

• National Cannabis Industry Association: Supporting industry advocacy
• Cannabis Trade Federation: Promoting responsible business practices
• Hemp Industries Association: Supporting hemp industry development
• International Cannabis Business Conference: Industry education and networking

8. Compliance Training and Education

8.1 Staff Training

• AML Training: Annual anti-money laundering training for all staff
• Regulatory Updates: Quarterly updates on regulatory changes
• Industry Education: Cannabis industry-specific compliance training
• Certification Programs: Professional compliance certifications

8.2 Customer Education

• Compliance Guides: Comprehensive compliance documentation
• Webinars: Regular educational webinars on regulatory topics
• Best Practices: Industry best practices and guidelines
• Support Resources: Dedicated compliance support team

9. Compliance Contact Information

10. Regulatory Updates

We continuously monitor regulatory developments and update our compliance procedures accordingly. Recent updates include: