Arnold & Porter Discusses Bill on Banking Services for Marijuana-Related Firms

Depository institutions have been understandably reluctant to provide banking services to cannabis-related businesses in light of the significant (and costly) regulatory and compliance expectations that apply under the Bank Secrecy Act (BSA) and other anti-money laundering (AML) laws and regulations.[1] Legislative relief, however, may be on the way. On March 27, 2019, with approval of the Secure and Fair Enforcement Banking Act of 2019, H.R. 1595 (SAFE Banking Act), the US House Financial Services Committee (HFSC) is now seeking to increase access to banking services for cannabis-related businesses and their service providers.[2] The SAFE Banking Act, which was … Read more