Las Vegas-based Integrated Compliance Solutions has agreed to acquire all outstanding shares of Sterling Compliance LLC, a Pittsburgh strategic risk management partner to community banks and credit unions. The strategic deal was a natural fit with the two entities working together over the past year on projects related to banking compliance with a focus on financial institutions that want to bank cannabis-related businesses.
On completion of the transaction, ICS will own 100 percent of Sterling. Closing is expected to occur on or about Oct. 30, 2019, and is subject to satisfaction of typical conditions precedent to closing for transactions of this nature. All of the Sterling management team will remain in place and will continue to manage the daily operation of the firm.
Sterling provides risk management services designed to help clients assess and manage effective regulatory compliance programs and stay ahead of examination cycles and legislative changes. Sterling has developed tools and education for financial institutions seeking to manage the risks associated with cannabis-related businesses in the current regulatory environment.
“Since our inception, our focus has been on being a leader in the industry. Our core business is, and will continue to be, built around consumer compliance and consumer protection issues, as well as Bank Secrecy Act and anti-money laundering compliance. Recognizing the rapidly emerging needs, challenges and opportunities in the cannabis banking sector, we set a course to spearhead significant consulting, education and program development for financial institutions around this issue,” Sterling co-founder and Managing Partner Angela Lucas said, in a statement.
ICS is a financial technology, banking compliance and innovative payment solution provider helping financial institutions solve complex issues.