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NY A08188
Bill
Status
10/27/2023
Primary Sponsor
Samuel Pirozzolo
Click for details
AI Summary
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Licensed money transmitters must verify a transaction initiator's social security number or taxpayer identification number before processing international wire transfers.
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Customers unable to provide either required documentation are subject to a fee of at least 20 percent of transaction amounts of $1,000 or more.
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The superintendent must develop rules, regulations, and forms to safeguard sensitive customer information collected under this requirement.
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All revenues collected from these fees are credited to the state general fund.
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The act takes effect 180 days after becoming law.
Legislative Description
Imposes a fee of not less than twenty per centum of transaction amounts equal to or exceeding one thousand dollars on customers who initiate international wire transfers without a valid social security number or taxpayer identification number.
Last Action
referred to banks
1/3/2024