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Assembly Bill A148

2025-2026 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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2025-A148 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §651-c, Bank L
Versions Introduced in 2023-2024 Legislative Session:
A8188

2025-A148 (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.

2025-A148 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    148
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced by M. of A. PIROZZOLO, BLANKENBUSH, DeSTEFANO, CHANG, MANKTE-
   LOW -- 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.
                                                            LBD00964-01-5

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