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

This bill (S 3698) requires licensed check cashers to file suspicious activity reports with the superintendent of banks. It directly affects check cashing businesses by expanding existing reporting requirements - previously applied to banks - to include these entities. The key mechanism is an amendment to the Banking Law (Section 371), which authorizes the superintendent to create rules mandating these reports. The bill does not change current requirements for banks or other financial institutions but adds check cashers to the list of entities required to report suspicious transactions.