Sec. 6. Requirements for filing suspicious activity reports
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/bill/116/hr/1595/eh/section-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5318(g) of title 31, United States Code, is amended by adding at the end the following: With respect to a financial institution or any director, officer, employee, or agent of a financial institution that reports a suspicious transaction pursuant to this subsection, if the reason for the report relates to a cannabis-related legitimate business or service provider, the report shall comply with appropriate guidance issued by the Financial Crimes Enforcement Network. The Secretary shall ensure that the guidance is consistent with the purpose and intent of the SAFE Banking Act of 2019 and does not significantly inhibit the provision of financial services to a cannabis-related legitimate business or service provider in a State, political subdivision of a State, or Indian country that has allowed the cultivation, production, manufacture, transportation, display, dispensing, distribution, sale, or purchase of cannabis pursuant to law or regulation of such State, political subdivision, or Indian Tribe that has jurisdiction over the Indian country.
For purposes of this paragraph: The term cannabis has the meaning given the term marihuana in section 102 of the Controlled Substances Act ( 21 U.S.C. 802 ). The term cannabis-related legitimate business has the meaning given that term in section 14 of the SAFE Banking Act of 2019. The term Indian country has the meaning given that term in section 1151 of title 18. The term Indian Tribe has the meaning given that term in section 102 of the Federally Recognized Indian Tribe List Act of 1994 ( 25 U.S.C. 479a ).
The term financial service has the meaning given that term in section 14 of the SAFE Banking Act of 2019. The term service provider has the meaning given that term in section 14 of the SAFE Banking Act of 2019. The term State means each of the several States, the District of Columbia, Puerto Rico, and any territory or possession of the United States. .
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