NY S00271

Increases penalties for making false statements in money transmission applications and documents from a misdemeanor to a Class E felony.

Upgrades illegal money transmission from a Class A misdemeanor to a Class D felony, and increases penalties for transmitting known criminal proceeds to a Class E felony.

Raises penalties for unlicensed money transmitters handling specified dollar thresholds ($10,000+ single transaction, $25,000+ in 30 days, or $250,000+ in one year) from a Class E felony to a Class C felony.

Expands the definition of "specified criminal conduct" for money laundering prosecutions to include violations of Banking Law sections 672 and 673 related to illegal money transmission.

Extends the statute of limitations for prosecuting money transmission crimes and related banking law violations from standard periods to ten years after commission of the crime.