FinCEN Starts Process for New Antiquities Trade Regs

Posted: Sep 30, 2021 | Author: FinCEN

AML Act ANPRM anti-money laundering BSA compliance FinCEN

FinCEN has announced an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a range of questions related to the implementation of amendments to the Bank Secrecy Act regarding the trade in antiquities. This ANPRM is the first in a series of regulatory actions that FinCEN will undertake to implement Section 6110 of the Anti-Money Laundering Act of 2020, which became law on Jan. 1, 2021.

Section 6110 of the AML Act amended the BSA by including as a type of financial institution a person 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. Section 6110 requires the Secretary of the Treasury to issue proposed rules to carry out the amendment.

Comments on the ANPRM are due by Oct. 25, 2021.