NY A06425

Increases penalty for false statements or certifications in money transmission applications from a misdemeanor to a class E felony.

Elevates penalty for unlicensed money transmission or sale of instruments without a license from a class A misdemeanor to a class D felony.

Raises penalties for knowingly receiving or transmitting proceeds of criminal conduct from class E to class C felony for money transmitters and agents.

Adds violations of banking law sections 672 and 673 (illegal money transmission) to the definition of "specified criminal conduct" under penal law money laundering statutes.

Extends the statute of limitations to 10 years for prosecutions involving banking law crimes and money laundering offenses related to licensed financial entities and their officers or employees.