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A5471Assembly2017-2018 Session

Require Check Cashers Report Suspicion

Official title

“Directs the superintendent of banks to promulgate rules and regulations requiring licensed cashers of checks to file suspicious activity reports”

Sponsor David WeprinAD-24+1 co-sponsorAffects Finance
Status
In Assembly Committee
Banks
Impact
4/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Banks

What's happening

This bill requires licensed check cashers in New York to file suspicious activity reports as part of banking regulations.

Why it matters

  1. Expands regulatory oversight. By specifically requiring check cashers to file suspicious activity reports, the bill increases regulatory scrutiny over these businesses, aligning them more closely with banks and other financial institutions in anti-money laundering efforts.

  2. Targets financial crime prevention. The new requirement aims to detect and deter activities like fraud, money laundering, and other illicit financial transactions that may otherwise go unreported in the check-cashing sector.

  3. Increases compliance responsibilities. Licensed check cashers will need to implement processes and training to identify and report suspicious transactions, potentially raising operational costs and complexity for these businesses.

  4. Enhances consumer and community protection. By making it harder for criminal activity to pass unnoticed through check cashers, the bill intends to promote safer financial practices and protect both individual consumers and the broader financial system.

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Who cares

Headline styles

Require Check Cashers Report Suspicion

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
David Weprin

Assembly Member · Assembly District 24

Chair, Insurance

1 Co-sponsor

History

  1. Referred to banks
  2. Referred to banks

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

5471

2017-2018 Regular Sessions

IN ASSEMBLY

February 9, 2017

Introduced by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. BRONSON, DenDEKKER, GOODELL, HOOPER, McDONOUGH, M. G. MILLER -- read once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to requiring licensed cashers of checks to file suspicious activity reports

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 371 of the banking law, as added by chapter 151 of the laws of 1945, is amended to read as follows:

§ 371. Regulations. The superintendent is hereby authorized and empowered to make such rules and regulations, and such specific rulings, demands, and findings as he or she may deem necessary for the proper conduct of the business authorized and licensed under and for the enforcement of this article, in addition hereto and not inconsistent herewith. Such rules, regulations, rulings, demands and findings shall include, but not be limited to, requiring licensed cashers of checks to file suspicious activity reports.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD09491-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.