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Hypur Welcomes Former DOJ Member to Executive Team

SCOTTSDALE, Arizona, April 26, 2016– Since its inception, Hypur’s mission has been empowering commerce in under-served markets by enabling legitimate banking and financial services to compliant and transparent businesses. Our products extend the reach of traditional banking systems to enable financial institutions to serve businesses that were previously forced to exist outside the banking system – and the regulations designed to protect the public.

As our product offering evolved, and the market started to “Get Hypur,” the need for our services expanded beyond small financial institutions serving niche industries to include large financial institutions and some of the largest and fastest growing industries. Government officials also began asking how we could help them perform their duties and keep their communities safe.

Hypur’s products include a set of bank compliance tools designed to bridge the gap between the capabilities of traditional bank technology platforms and the unique regulatory demands of banking cannabis businesses. 

In light of our expanding opportunities and role in helping protect our financial system, we felt the need to expand our Executive Team and are thrilled to announce that John W. Vardaman, III has joined Hypur as Executive Vice President and General Counsel.

John brings fifteen years of senior federal government experience working on some of the most challenging issues facing the financial services industry. With his experience and expertise, John is ideally suited to advance Hypur’s mission of making it feasible for financial institutions to service high-risk industries in a manner consistent with their compliance obligations.

First at the Department of the Treasury and then at the Department of Justice, John played an instrumental part in devising federal policy for enforcing Bank Secrecy Act (BSA) and anti-money laundering (AML) laws. Notably, John was actively involved in drafting DOJ guidance regarding financial crimes related to state legalization of marijuana, one of the few policies on the enforcement of federal law with respect to marijuana-related businesses. John was also instrumental in devising DOJ policy regarding the enforcement of laws governing the structuring of financial transactions.

John has worked closely with regulators, law enforcement, Congress, and the private sector to identify trends in financial crime and develop solutions to address them. This included his participation in a high-level task force charged with assessing the effectiveness of the BSA and recommending changes to combat current money laundering practices. Recently, John was involved in evaluating and addressing the policy implications of categorical “de-risking” of certain customers by financial institutions.

“Based on my experience in government I know firsthand the challenges facing financial institutions in the current regulatory and enforcement environment. Joining Hypur affords me the unique opportunity to pursue private sector solutions to those challenges by bringing greater transparency to our financial system. I am proud to be the newest member of the Hypur team and look forward to helping this company fulfill its significant potential.” –John Vardaman

In his new role, John will continue to be dedicated to combating money laundering and financial crime. In addition to being a resource for our customers, John will be deeply involved in Hypur’s strategic initiatives as well as working with federal and state regulators and government officials to understand the role of technology in bringing greater transparency to financial transactions.

John’s decision to join Hypur is not only a significant achievement for our company, it’s an exciting event for anyone interested in the benefits of financial institutions using technology to improve their ability to provide fully compliant banking services to a greater number of businesses and industries.

Prior to joining Hypur, John held the following positions in the federal government: Special Assistant to the General Counsel of the Department of the Treasury (2001–2006); Senior Counsel in the Department of Justice’s Office of Legal Policy (2006–2011); and Assistant Deputy Chief for Policy in the Department of Justice’s Asset Forfeiture and Money Laundering Section (2011–2016). John earned his undergraduate degree from Vanderbilt University and his law degree from the Georgetown University Law Center. Before entering government, John was an associate at Manatt, Phelps & Phillips, LLP.

John has been the recipient of many awards, including the Joint Civilian Service Commendation Award (2004), and the Attorney General’s Award for Distinguished Service (2015).

Welcome to the team John!

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