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NY A06586
Bill
Status
3/27/2015
Primary Sponsor
Marcos Crespo
Click for details
AI Summary
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Elevates penalties for false statements in money transmission applications from misdemeanor to Class E felony, and for false entries or omitting material entries to Class E felony.
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Increases penalty for unlicensed money transmission business from Class A misdemeanor to Class D felony.
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Raises penalty for transmitting funds knowingly derived from criminal conduct from Class E to Class C felony.
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Expands the definition of "specified criminal conduct" under money laundering law to include violations of Banking Law sections 672 and 673.
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Extends the statute of limitations for prosecuting money transmission crimes and related banking law violations from standard periods to 10 years after commission of the offense.
Legislative Description
Relates to clarifying the definitions of "illegal money transmission" and "money laundering"; relates to penalties for unlicensed money transmitters; relates to timeliness of prosecutions.
Last Action
referred to banks
1/6/2016