BILL NUMBER: S3698
SPONSOR: SANDERS
 
TITLE OF BILL:
An act to amend the banking law, in relation to requiring licensed cash-
ers of checks to file suspicious activity reports
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill would require licensed check cashers to file suspicious activ-
ity reports or SARs.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 371 of the banking law, as added by chapter 151 of the laws of
1945 is amended to require that licensed check cashers file SARs (Suspi-
cious Activity Reports). 2 this act shall take effect immediately.
 
JUSTIFICATION:
By requiring check cashers to report suspicious activity by filing SARs,
it would help examiners weed out fraud, and disincentives people using
check cashing establishments to avoid paying, taxes. Other financial
institutions such as banks, credit unions, savings banks, and savings
and loans are required to report suspicious activity; this would require
check casher to do the same.
 
PRIOR LEGISLATIVE HISTORY:
02/09/17 referred to banks 01/03/18 referred to banks
 
FISCAL IMPLICATIONS:
this bill should increase tax revenue by aiding investigators in crack-
ing down on fraud and tax evasion committed by customers of check cash-
ers.
 
EFFECTIVE DATE:
Immediately