Hot on the heels of the implementation of AMLD5 and AMLD6 across the EU and UK, January 2021 saw the U.S. House and Senate vote through a bill to extend the rules of the 1970 Bank Secrecy Act to cover the arts sector – specifically antiques and art dealers.
While these new laws are having a significant impact on how collectors and dealers all over the world do business, we’re confident that it is a step in the right direction for the US art market.
ArtAML CEO and Co-Founder Susan J Mumford was approached by Artsy to discuss her thoughts on the new legal regime, and share her recommendations for those impacted:
“My recommendation to individuals and institutions is to take a leaf out of my book: Accept that AML is increasingly a reality of participating in the modern art market. This mindset will position you ahead of the game.”
-Susan J Mumford, ArtAML CEO & Co-Founder
Read the full piece, which covers the reasoning around the implementation of new legislation, complexities surrounding Brexit, and new compliance expectations for collectors. With thanks to Samuel McIlhagga for the feature.