Bill > A00148

This bill amends the New York banking law to require licensed money transmitters to verify a customer's social security number (SSN) or taxpayer identification number (TIN) when processing international wire transfers. If a customer cannot provide a valid SSN or TIN for transactions of $1,000 or more, they will be charged a fee of at least 20% of the transaction amount. The bill mandates that the state banking superintendent develop rules and regulations to protect customer information, and specifies that all revenues generated from these fees will be credited to the state general fund. The new requirements aim to enhance financial oversight and potentially reduce potential risks associated with international money transfers by individuals who cannot provide standard identification documentation. The law will go into effect 180 days after it is signed, giving financial institutions time to implement the new verification and fee procedures.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A148