New York A00390 mandates that money transmitters must provide a clear warning to consumers about potential fraudulent activities before completing a.

New York A00390 amends the banking law to require money transmitters to issue a prominent warning to consumers about possible fraudulent activities before completing a funds transfer. The warning must include information on how to verify the identity of the recipient and how to stop a transfer. It must be delivered in a volume and cadence sufficient for an ordinary consumer to hear and comprehend if presented orally, and in a type size and contrast that allows for easy reading if presented in writing.

New York A00390 mandates that money transmitters must provide a clear warning to consumers about potential fraudulent activities before completing a.

New York A00390 amends the banking law to require money transmitters to issue a prominent warning to consumers about possible fraudulent activities before completing a funds transfer. The warning must include information on how to verify the identity of the recipient and how to stop a transfer. It must be delivered in a volume and cadence sufficient for an ordinary consumer to hear and comprehend if presented orally, and in a type size and contrast that allows for easy reading if presented in writing.