NY State introduces MSB bill
NEW YORK – New York State has introduced legislation to prevent any banking institution from denying banking services to Money Services Businesses (MSBs) on the basis of compliance with the Bank Secrecy Act (BSA) without approval from the superintendent of banks.
The legislature is responding to the shrinking access to banking services that MSBs face in light of heightened regulatory oversight of banks' compliance with anti- money laundering (AML) laws.
The bill (A09899), introduced by assemblyman José R Peralta of the 39th assembly district in Queens and assemblyman Adriano Espaillat of the 72nd assembly district in Manhattan, will amend the New York Banking Law to add Section 9-U.
The New York State superintendent of banks, however, has opposed the
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