This is a bit more subtle. In fact the generator of the Galileo boosts is
\hat{\vec{K}}=m \hat{\vec{x}}-t \hat{\vec{p}}.
Since this operator is explicitly (!) time dependent, it does not commute with the Hamiltonian. Of course, it's conserved, i.e., the operator representing its time derivative,
\frac{1}{\mathrm{i}\hbar} [\hat{\vec{K}},\hat{H}]+\partial_t \vec{K} = \frac{1}{\mathrm{i}\hbar} [\hat{\vec{K}},\hat{H}] + \hat{\vec{p}}.
A careful analysis of the transformation properties of the wave function in the position representations yields its behavior under boosts,
\Psi_{\sigma}(t,\vec{x}) \rightarrow \Psi_{\sigma}'(t,\vec{x})=\exp \left (-\frac{\mathrm{i}}{\hbar} m \vec{v} \cdot \vec{x} - \frac{\mathrm{i} m}{2\hbar} \vec{v}^2 t \right ) \Psi_{\sigma}(t,\vec{x}+\vec{v} t).
Here, I've also included the possibility that the particle has non-zero spin s. Thus the wave function is spinor valued with the spinor index taking the values \sigma \in \{-s,-s+1,\ldots,s-1,s \}.
Note that the Galilei boost involves a phase factor in addition to the naive transformation rule for the wave function you have assumed in the beginning (despite this strange factor of 1/2, which I don't understand at all).
A very detailed treatment of Galilei transformations in quantum mechanics (involving a lot of subtle group-reprentation theory, including the fact that the mass is to be interpreted as a central charge of the quantum version of the Galilei group) can be found in
Ballentine, Quantum Mechanics, a Modern Development.