Bill Text: NY A06425 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to clarifying the definitions of "illegal money transmission" and "money laundering"; relates to penalties for unlicensed money transmitters; relates to timeliness of prosecutions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-07-06 - enacting clause stricken [A06425 Detail]
Download: New_York-2019-A06425-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6425 2019-2020 Regular Sessions IN ASSEMBLY March 7, 2019 ___________ Introduced by M. of A. CRESPO -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to clarifying the defi- nition of illegal money transmission and increasing the penalties for certain activities by licensed and unlicensed money transmitters; to amend the penal law, in relation to the definition of money launder- ing; and to amend the criminal procedure law, in relation to timeli- ness of prosecutions The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 650 of the banking law, as amended 2 by chapter 201 of the laws of 1969, is amended to read as follows: 3 1. [Any person who violates or participates in the violation of any4provisions of this article, or who knowingly makes any incorrect state-5ment of a material fact in any application, report or statement made6pursuant to this article, or who knowingly omits to state any material7fact necessary to give the superintendent any information lawfully8required by him or refuses to permit any lawful investigation by the9superintendent shall be guilty of a misdemeanor and, upon conviction,10shall be fined not more than five hundred dollars or imprisoned for not11more than six months or both, in the discretion of the court]a. Any 12 person who knowingly makes any false statement, misrepresentation or 13 false certification in any application, financial statement, account 14 record, customer receipt, report or other document filed or required to 15 be maintained or filed under this article, or who knowingly makes any 16 false entry or omits a material entry in any such document or refuses to 17 permit any lawful investigation by the superintendent, shall be guilty 18 of a class E felony. 19 b. Any licensee or agent who: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10285-01-9A. 6425 2 1 (1) receives money for transmitting or transmits the same, knowing 2 such money to be the proceeds of or derived from any criminal conduct; 3 or 4 (2) sells or issues New York instruments or New York traveler's checks 5 as those terms are defined by section six hundred fifty-three of this 6 chapter, knowing such instruments or checks to be purchased with the 7 proceeds of or derived from any criminal conduct, shall be guilty of a 8 class E felony. 9 § 2. Paragraph a and subparagraphs 1, 2 and 4 of paragraph b of subdi- 10 vision 2 of section 650 of the banking law, as amended by chapter 543 of 11 the laws of 1990, are amended to read as follows: 12 a. Any person who either (1) engages in the business of receiving 13 money for transmission or transmitting the same or (2) sells or issues 14 New York instruments or New York traveler's checks as those terms are 15 defined by section six hundred fifty-three of this chapter, without a 16 license therefor obtained from the superintendent or without having been 17 designated or appointed as an agent of a licensee as provided in this 18 article, shall be guilty of a [Class A misdemeanor] class D felony. 19 (1) knowingly receives or agrees to receive for transmission from one 20 or more [individuals] persons a total of ten thousand dollars or more in 21 a single transaction, a total of twenty-five thousand dollars or more 22 during a period of thirty days or less, or a total of two hundred fifty 23 thousand dollars or more during a period of one year or less; or 24 (2) knowingly sells or issues New York instruments or New York travel- 25 er's checks to one or more [individuals] persons totaling ten thousand 26 dollars or more in a single transaction, a total of twenty-five thousand 27 dollars or more during a period of thirty days or less, or a total of 28 two hundred fifty thousand dollars or more during a period of one year 29 or less; or 30 (4) knowingly sells or issues New York instruments or New York travel- 31 er's checks as those terms are defined by section six hundred fifty- 32 three of this chapter, knowing such instruments or checks to be 33 purchased with the proceeds of or derived from any criminal conduct; 34 shall be guilty of a class [E] C felony. 35 § 3. Subdivision 5 of section 470.00 of the penal law, as amended by 36 chapter 489 of the laws of 2000, is amended to read as follows: 37 5. "Specified criminal conduct" means criminal conduct committed in 38 this state constituting a criminal act, as the term criminal act is 39 defined in section 460.10 of this [chapter] title, or constituting the 40 crime of enterprise corruption, as defined in section 460.20 of this 41 [chapter] title, or constituting violations of sections six hundred 42 seventy-two and six hundred seventy-three of the banking law, or conduct 43 committed in any other jurisdiction which is or would be specified crim- 44 inal conduct if committed in this state. 45 § 4. Subdivision 3 of section 30.10 of the criminal procedure law is 46 amended by adding a new paragraph (h) to read as follows: 47 (h) A prosecution for any crime defined under article twelve-D, thir- 48 teen-B or thirteen-D of the banking law, or under article one hundred 49 fifty-five, one hundred seventy, one hundred seventy-five, one hundred 50 seventy-six, one hundred eighty, one hundred eighty-five, one hundred 51 eighty-seven, one hundred ninety, two hundred, two hundred ten, or four 52 hundred seventy of the penal law insofar as it relates to persons and 53 entities that are licensed, registered, or incorporated or otherwise 54 formed pursuant to the banking law, or persons in their capacity as 55 directors, officers, managers, or employees or persons or entities that 56 control, as such term is defined in section one hundred forty-three-b ofA. 6425 3 1 the banking law with respect to banking institutions, any such persons 2 or entities that are licensed, registered, or incorporated or otherwise 3 formed pursuant to the banking law, may be commenced within ten years 4 after the commission thereof. 5 § 5. This act shall take effect immediately; provided, however, that 6 the provisions of section four of this act shall only apply to crimes 7 committed after such effective date.
