NY A06662

Requires all state-chartered banking organizations, foreign banking corporations licensed by the superintendent, and interstate branches to accept the New York City identity card (IDNYC) as a primary form of identification for opening bank accounts

Allows customers whose IDNYC lacks a residential or business address to provide the address of a next of kin or other contact individual to satisfy address requirements

Authorizes the superintendent to grant exemptions to covered entities that demonstrate inability to comply with federal anti-money laundering laws or other customer identification program requirements

Addresses financial exclusion findings that only approximately one-third of city banks currently accept the IDNYC, leaving 11.2% of NYC households unbanked as of 2017, with residents of color, undocumented residents, and those below the poverty line disproportionately affected

Takes effect 180 days after becoming law, with immediate authorization for rulemaking to implement the requirements