NY A06797

Changes illegal money transmission violations from Class A misdemeanor to class D felony for unlicensed money transmitters or agents engaging in money transmission or selling instruments without a license.

Upgrades penalties for knowingly receiving or transmitting criminal proceeds to class E felony for licensees and agents, and elevates penalties for knowingly selling instruments purchased with criminal proceeds from class E to class C felony.

Expands the definition of "specified criminal conduct" under money laundering law to include violations of banking law sections 672 and 673 relating to money transmission.

Increases penalties for false statements in applications, reports, or documents from misdemeanor (maximum $500 fine or 6 months imprisonment) to class E felony.

Extends statute of limitations from standard timeframes to 10 years for prosecutions involving crimes related to licensed or regulated banking entities and their officers, directors, managers, or employees.