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Safe Access to Cash Act of 2023
3/6/2024, 8:15 AM
Summary of Bill HR 3398
The bill seeks to provide a safe and secure way for these businesses to access banking services by allowing them to open accounts and conduct financial transactions without fear of federal prosecution. This is a significant issue for many cannabis businesses, as they are currently forced to operate on a cash-only basis due to the federal government's classification of marijuana as a Schedule I controlled substance.
The Safe Access to Cash Act of 2023 would establish a safe harbor for financial institutions that provide services to cannabis-related businesses in states where marijuana is legal. This would protect these institutions from federal prosecution and allow them to work with these businesses without fear of legal repercussions. Additionally, the bill includes provisions to improve transparency and accountability in the cannabis industry by requiring businesses to comply with certain reporting and record-keeping requirements. This is intended to prevent money laundering and other illegal activities within the industry. Overall, the Safe Access to Cash Act of 2023 aims to address the banking challenges faced by legal cannabis businesses and provide them with a safe and secure way to access financial services. It is a bipartisan effort to support the growing cannabis industry while also ensuring compliance with federal regulations.
Congressional Summary of HR 3398
Safe Access to Cash Act of 2023
This bill establishes a new federal statutory framework to govern robbery offenses involving ATMs and related conduct.
Currently, the federal bank robbery statute makes it a federal crime to take or attempt to take by force and violence or by intimidation, money or other property from any bank, credit union, or savings and loan association. A violation is punishable by a statutory maximum prison term of 20 years (or 25 years, if the offense includes assault or use of a dangerous weapon).
However, federal circuit courts have split on whether forcing someone to withdraw money from an ATM qualifies as an offense under the federal bank robbery statute. In United States v. Chavez, the Fifth Circuit Court of Appeals held that the bank customer, rather than the bank, had possession of the funds when the robbery occurred, so a necessary element of the federal bank robbery statute--that the money belonged to the bank--was not satisfied. In contrast, the Tenth, Seventh, and Fourth Circuits have held that directly forcing a bank customer to withdraw money from an ATM constitutes a federal bank robbery because the funds belonged to the bank when the withdrawal occurred.
This bill establishes new statutory criminal offenses for ATM robbery and related offenses such as ATM theft. A violation is subject to the same criminal penalties as an offense under the federal bank robbery statute--a statutory maximum prison term of 20 years (or 25 years, if the offense includes assault or use of a dangerous weapon).
