Directs the superintendent of banks to promulgate rules and regulations requiring licensed cashers of checks to file suspicious activity reports

This bill requires licensed check cashers to file suspicious activity reports (SARs), similar to banks. It directly affects businesses that cash checks for a fee, mandating them to report transactions that may indicate fraud or money laundering. The key mechanism is an amendment to banking law, directing the superintendent of banks to create rules requiring these SAR filings. The law specifies that check cashers must follow the same reporting standards applied to financial institutions. This change aims to strengthen oversight of check-cashing businesses under existing anti-money laundering frameworks.