Bill > A01515

This bill amends the New York State banking law to require the superintendent of banks to create rules and regulations mandating that licensed check cashing businesses file suspicious activity reports (SARs). Suspicious activity reports are formal documents that financial institutions and money service businesses submit to government authorities when they detect potentially illegal transactions, such as those that might indicate money laundering, fraud, or other financial crimes. The bill updates existing language by replacing gendered terminology (changing "he" to "such superintendent") and explicitly adding language that requires check cashing businesses to file these reports. By requiring SARs, the bill aims to enhance financial oversight and provide regulators with a mechanism to detect and investigate potential financial misconduct. The legislation will take effect immediately upon enactment, giving the superintendent of banks the authority to develop specific guidelines for implementing these reporting requirements.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A1515