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Assembly Bill A8188

2023-2024 Legislative Session

Imposes a fee on customers who initiate international wire transfers without a valid social security number or taxpayer identification number

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Archive: Last Bill Status - In Assembly Committee

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2023-A8188 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §651-c, Bank L
Versions Introduced in 2025-2026 Legislative Session:
A148

2023-A8188 (ACTIVE) - Summary

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.

2023-A8188 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8188
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             October 27, 2023
                                ___________
 
 Introduced  by  M.  of  A.  PIROZZOLO  --  read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law,  in  relation  to  imposing  a  fee  on
   customers  who  initiate  international wire transfers without a valid
   social security number or taxpayer identification number

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The banking law is amended by adding a new section 651-c to
 read as follows:
   §  651-C.  REQUIREMENTS  AND FEES FOR INTERNATIONAL WIRE TRANSFERS. 1.
 LICENSED MONEY TRANSMITTERS, AS DEFINED PURSUANT TO SECTION SIX  HUNDRED
 FORTY-ONE  OF  THIS  ARTICLE,  SHALL BE REQUIRED TO VERIFY A TRANSACTION
 INITIATOR'S SOCIAL SECURITY NUMBER OR TAXPAYER IDENTIFICATION NUMBER FOR
 THE PURPOSES OF AN INTERNATIONAL WIRE TRANSFER.
   2. IF A TRANSACTION INITIATOR IS UNABLE TO PROVIDE  EITHER  DOCUMENTA-
 TION  ITEM  REQUIRED  PURSUANT  TO SUBDIVISION ONE OF THIS SECTION, SUCH
 TRANSACTION INITIATOR SHALL BE SUBJECT TO A FEE OF NOT LESS THAN  TWENTY
 PER  CENTUM  OF  TRANSACTION  AMOUNTS EQUAL TO OR EXCEEDING ONE THOUSAND
 DOLLARS.
   3. THE SUPERINTENDENT SHALL  BE  REQUIRED  TO  DEVELOP  ALL  NECESSARY
 RULES,  REGULATIONS, AND FORMS NECESSARY TO SAFEGUARD SENSITIVE CUSTOMER
 INFORMATION.
   4. NOTWITHSTANDING ANY OTHER PROVISION OF LAW  TO  THE  CONTRARY,  ALL
 REVENUES  COLLECTED  PURSUANT  TO  THIS SECTION SHALL BE CREDITED TO THE
 STATE GENERAL FUND.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13414-01-3

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