 called for the passage of the SAFE Banking Act – a proposal){kind=link}
In a letter to federal lawmakers, the American Bankers Association (ABA) called for the passage of the SAFE Banking Act – a proposal that seeks to normalize banking access for state-approved cannabis companies. Naomi Camper is the chief policy officer of the ABA. In a letter to federal lawmakers, she called for the passage of the SAFE Banking act – a proposal that seeks to normalize banking access for state-approved cannabis companies.
The legal uncertainty surrounding the state-licensed marijuana businesses often forces them to operate in cash, and outside of the banking system. — Camper, in the letter
Camper added that normalizing banking for cannabis businesses would “remove barriers to banking these funds” and allow funds to flow more freely to non-cannabis businesses that work with the cannabis industry, including accountants, skilled trades, landlords, and law firms.
Further, Camper notes that recent federal changes regarding cannabis – specifically the rescheduling of medical cannabis from Schedule I to Schedule III under the Controlled Substances Act – “underscore the need for Congress to Act.”
Camper stated in a letter that the passage of this law would decrease illicit financing risk and improve financial transparency when it comes to cannabis and hemp-derived profits. Banks and financial institutions that are highly regulated must follow strict anti-money-laundering and counter-terrorism financing laws, rules and regulations, perform due diligence on their clients, monitor transactions for suspicious activities, and maintain records.
Previous versions of the SAFE Banking Act have passed the House seven times, most recently in 2023. The current version of the legislation has been referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Veterans’ Affairs.
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