Bill > S03698

This bill amends the New York Banking Law to require the superintendent of banks to create rules and regulations mandating that licensed check-cashing businesses file suspicious activity reports (SARs). Specifically, the bill modifies an existing section of the banking law by removing gendered language (changing "he" to "such superintendent") and adding language that explicitly requires check-cashing businesses to submit SARs. Suspicious activity reports are formal documents that financial institutions and certain businesses use to alert law enforcement about potentially fraudulent, illegal, or unusual financial transactions. The purpose of this bill is to enhance financial oversight and help prevent potential financial crimes by requiring check-cashing businesses to report suspicious transactions. The bill will take effect immediately upon enactment, giving the superintendent of banks the authority to develop and implement these new reporting requirements for licensed check-cashing businesses in New York State.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S3698