NY State introduces MSB bill


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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