In an Advance Notice of Proposed Rulemaking ("ANPR"), FinCEN requested comment on regulations to implement Anti-Money Laundering Act of 2020 ("AMLA") Section 6110 ("Application to Dealers in Antiquities and Assessment of Bank Secrecy Act Application to Dealers in Arts").
AMLA Section 6110 amended the Bank Secrecy Act's ("BSA") definition of "financial institution" to include individuals "engaged in the trade of antiquities, including an advisor, consultant, or any other person who engages as a business in the solicitation or the sale of antiquities, subject to regulations prescribed by the [Treasury] Secretary." In its Advance Notice of Proposed Rulemaking, FinCEN is soliciting responses from market participants, law enforcement and others regarding AML risks in the antiquities market and the potential scope and application of the new regulations. AMLA requires the Treasury Secretary to issue rules executing Section 6110 within 360 days following January 1, 2021, the date of the enactment of AMLA.
Comments on the advance notice must be submitted by October 25, 2021.
Primary Sources
- FinCEN Press Release: FinCEN Launches Regulatory Process For New Antiquities Regulations
- FinCEN ANPRM: Anti-Money Laundering Regulations for Dealers in Antiquities
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