Bill

A 148

Imposes a fee on customers who initiate international wire transfers without a valid social security number or taxpayer identification number

2025 Regular Session Introduced by Ken Blankenbush and 4 co-sponsors

Imposes a fee on international wire transfers lacking a valid SSN/TIN, charging customers and forcing banks to verify IDs and apply the surcharge.

REFERRED TO BANKS

WeVote Research Nonpartisan

Bill Summary · A 148

Legislative Bill Summary: A 148

Overview

A 148 is a bill introduced in the New York State Assembly that would impose a fee on customers who initiate international wire transfers without a valid Social Security Number (SSN) or Taxpayer Identification Number (TIN). The bill is currently referred to the Banks Committee.

Purpose and Intent

The main purpose appears to be to require identification for international wire transfers and to impose a surcharge on transfers initiated by customers who do not provide a valid SSN or TIN. This aligns with aims often associated with strengthening customer verification, tax compliance, and anti-fraud efforts in cross-border payments.

Key Provisions

Imposes a fee on customers who initiate international wire transfers that lack a valid SSN or TIN.
Specifics not provided in the available information, including:
- The exact fee amount or calculation method.
- Whether there are exemptions or transitional provisions.
- How banks would verify SSN/TIN validity or handle edge cases (e.g., nonresident individuals, certain businesses, privacy considerations).
- Penalties, enforcement mechanisms, and any sunset or review provisions.
The bill’s operative details would be shaped by amendments during committee consideration.

Affected Parties

Primary: Customers initiating international wire transfers without a valid SSN or TIN.
Banks and financial institutions facilitating international transfers (responsible for applying the fee and verifying identification).
Potentially, customers who regularly engage in cross-border transfers and those who handle exempt or special-category transactions if exemptions are later provided.

Legislative Action and Timeline

Introduced: January 8, 2025.
Status: REFERRED TO BANKS (twice listed in the record).
Related actions: Related bill in a prior session is A 8188.

Related Legislation

A 8188 (prior-session) — indicates there is a related or predecessor measure of a similar nature.

Potential Impacts and Open Questions

Revenue and Administrative Impact: The bill would create new fee revenue from affected transfers but does not specify the amount; banks would incur additional verification and billing responsibilities.
Equity and Access: Without details on exemptions, the policy could affect individuals lacking SSNs/TINs, raising questions about privacy, residency, and fairness in cross-border payments.
Compliance Burden: Banks may need to implement or adjust systems to verify IDs and apply the fee consistently across customers.
Implementation Timeline: No dates beyond introduction; committee consideration will determine timing for potential floor action and potential amendments.

Next Steps

Committee hearings andMarkup: Banks Committee action could propose clarifications, exemptions, and fee structure.
Potential floor vote in the Assembly and, if advanced, consideration in the Senate and by the Governor.

This summary provides the core information available. If you have access to the bill text or fiscal notes, I can expand the detail on fee amounts, exemptions, and compliance requirements.

Compiled from official sources — confirm details with the bill’s official record.