Sec. 205. Requirements for filing suspicious activity reports

274 words·~1 min read·/bill/116/s/421/is/section-205

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this section, the term deposit account records — means account ledgers, signature cards, certificates of deposit, passbooks, corporate resolutions authorizing accounts in the possession of the depository institution, and other books and records of the depository institution, including records maintained by computer, which relate to the depository institution's deposit taking function; and does not include account statements, deposit slips, items deposited, or cancelled checks.

A depository institution or any director, officer, employee, or agent of a depository institution shall not be required to report a suspicious transaction as prescribed by the guidance issued by the Financial Crimes Enforcement Network titled BSA Expectations Regarding Marijuana-Related Businesses (FIN–2014–G001; published on February 14, 2014) or section 21.11(c)(4)(1) of title 12, Code of Federal Regulations, if— the depository institution reasonably believes, based on customer due diligence, that the marijuana-related businesses to which it is providing financial services does not implicate one of the priorities outlined in the document entitled Memorandum for All United States Attorneys:

Guidance Regarding Marijuana Enforcement issued by James M. Cole on August 29, 2013, nor violate the laws of the State in which marijuana-related business operates; and the deposit account records of the depository institution— include— identifying information of the account holder and related parties; and addresses of the account holder and related parties; and state that— the account holder is engaged in a marijuana-related business; and no additional suspicious activity has been identified.

A depository institution or any director, officer, employee, or agent of a depository institution that reports a suspicious transaction relating to a marijuana-related business shall be considered to have met the requirements of the guidance described in paragraph (1).