Automate and streamline BO data collection for compliance and due diligence.
Overview
Beneficial Ownership (BO) collection is an essential component of compliance and due diligence for financial institutions (FIs) working with cannabis-related businesses (CRBs). Green Check simplifies this process with its Managed Beneficial Ownership Questionnaire, enabling seamless data collection, review, and reporting.
Green Check's Managed Questionnaires are standardized, pre-built forms designed to streamline compliance, reduce risk, and improve operational efficiency. By leveraging these questionnaires, FIs ensure consistent data collection while benefiting from automation and built-in reporting tools.
How It Works
Setup
When creating or updating a Due Diligence Template, you can include the Beneficial Ownership Questionnaire with just a few clicks.
Adding to a New Due Diligence Template
- During template setup, select the option to include the Beneficial Ownership Questionnaire.
Adding to an Existing Due Diligence Template
- Navigate to Settings and open the relevant Due Diligence Template.
- Click Edit in the top-right corner of the Settings tab.
- Toggle "Include the Beneficial Ownership Questionnaire?" to Yes.
- Click Save.
Note: Remove any custom fields related to beneficial ownership, as the questionnaire will now collect this data. Leaving redundant fields will result in duplicate efforts for CRBs.
Automated Collection During Onboarding
When the Beneficial Ownership Questionnaire is included in a Due Diligence (DD) Template, it is automatically sent as part of the CRB onboarding process.
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When a CRB is invited to onboard with a DD Template that includes the BO questionnaire, they will receive two required tasks:
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Complete New Application
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Complete the Beneficial Ownership Questionnaire
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No additional steps are required from your team—the questionnaire is delivered automatically.
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Default due date for completion: 14 days (automated reminders are sent to CRBs).
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Beneficial ownership details are visible alongside other due diligence requirements when reviewing CRB applications.
Sending the Questionnaire Manually
If needed, you can manually distribute the Beneficial Ownership Questionnaire to refresh BO data or collect updated information from an existing CRB.
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Go to Accounts > Questionnaires
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Click Send Questionnaire
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Choose the CRB recipient and specify a send date (immediate or future one-time date)
Accessing and Reviewing Responses
Once completed, beneficial ownership data is readily accessible within Green Check.
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Navigate to Accounts > Questionnaires tab
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Check the Tasks > External Tasks table
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Generate reports under Reports > Questionnaires Report (downloadable CSV)
Reporting & Data Export
For enhanced visibility and compliance tracking, you can generate a Beneficial Ownership Report:
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Go to Reports
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Select Questionnaires Report
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Choose By Questionnaire and select Beneficial Ownership
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Export the data as a CSV file for further review and record-keeping
FAQs
Can I preview the questionnaire before sending it? Yes, navigate to Settings > Questionnaires and click on the Complete Beneficial Ownership Questionnaire to view all fields.
What if a CRB requires a different version of the questionnaire? If a Managed Template is updated, previous versions remain tied to completed questionnaires. Any new invitations or manual sends will use the latest version.
Does Green Check support automated recurring distribution of the Beneficial Ownership Questionnaire? Not at this time, but this functionality is planned for a future update.
Summary
Green Check’s Managed Beneficial Ownership Questionnaire ensures financial institutions can efficiently collect, review, and manage BO data while maintaining compliance. Whether through automated onboarding delivery or manual distribution, this tool helps streamline your cannabis banking program, minimizing risk and improving operational efficiency.