New York Assembly Bill A00148

New York 2025-2026 Regular Session

• Introduced: 1/8/25
• Refer: 1/8/25
• Refer: 1/7/26

Caption

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.

Summary

Bill A00148 seeks to amend New York's banking law by introducing a requirement for licensed money transmitters to verify the social security number or taxpayer identification number of individuals initiating international wire transfers. If a transaction initiator cannot provide either of these forms of identification, they will be subject to a fee of at least twenty percent of the transaction amount for transfers equal to or exceeding one thousand dollars. The bill also mandates the development of regulations to protect sensitive customer information and stipulates that all revenues generated from these fees will be directed to the state general fund.

Impact

The implementation of this bill will modify existing banking regulations in New York, specifically concerning international wire transfers. It will impose additional verification requirements on money transmitters, potentially affecting their operational procedures. The financial impact on customers who do not possess the required identification could lead to increased costs for those individuals, particularly affecting immigrants or non-residents who may not have a social security number or taxpayer identification number.

Sentiment

The general sentiment surrounding Bill A00148 appears to be mixed, with some support for the intention of enhancing regulatory compliance and safeguarding financial transactions. However, there are concerns regarding the potential burden on customers who may be disproportionately affected by the fee structure, particularly those without access to the required identification.

Contention

Notable points of contention include the fairness of imposing a significant fee on individuals who may not have a social security number or taxpayer identification number, which could disproportionately impact certain demographics, such as immigrants or non-residents. Critics argue that this could create barriers to financial services, while supporters contend that it is necessary for regulatory compliance and to prevent fraud.