In response to a specific section of the new AML Act of 2020, the Financial Crimes Enforcement Network (FinCEN) issued a notice (FIN-2021-NTC2) relating to trade in antiquities and art. The notice provides information about illicit finance risks and specific instructions for Suspicious Activity Report (SAR) filing related to trade in antiquities and art.
Signed into law as part of the National Defense Authorization Act for 2021, the AML Act of 2020 (the Act), seeks to strengthen, modernize, and streamline the existing Bank Secrecy Act (BSA) requirements. One section of the Act expands the scope of BSA programs and SAR filing requirements to include antiquities dealers, which are now within the definition of financial institutions. In addition, the Act requires a study to be performed on art dealers to determine if they should also be brought into the BSA.