New York A00148 imposes a fee on international wire transfers over $1,000 if the initiator lacks a valid social security or taxpayer identification.

New York A00148 amends the banking law to require licensed money transmitters to verify the social security number or taxpayer identification number of customers initiating international wire transfers. If a customer cannot provide either, they must pay a fee of at least 20% of the transaction amount for transfers of $1,000 or more. The superintendent is tasked with creating rules and forms to protect customer information, and all collected fees will go to the state general fund.

New York A00148 imposes a fee on international wire transfers over $1,000 if the initiator lacks a valid social security or taxpayer identification.

New York A00148 amends the banking law to require licensed money transmitters to verify the social security number or taxpayer identification number of customers initiating international wire transfers. If a customer cannot provide either, they must pay a fee of at least 20% of the transaction amount for transfers of $1,000 or more. The superintendent is tasked with creating rules and forms to protect customer information, and all collected fees will go to the state general fund.