FinCEN Takes First Step In Antiquities Rulemaking

On September 23, 2021, the Financial Crimes Enforcement Network (FinCEN) took the first formal step toward writing new rules that would subject dealers in antiquities to the federal anti-money laundering laws and regulations. FinCEN's Advance Notice of Proposed Rulemaking (ANPRM) solicits information about a range of issues to assist FinCEN in drafting a proposed rule, including the appropriate scope of the rulemaking, the types of antiquities industry participants that should be subject to the rule, and whether certain monetary thresholds and exemptions may be appropriate.

What Does Section 6110 of the AMLA Require?

Section 6110 of the Anti-Money Laundering Act of 2020 (AMLA) expanded the list of "financial institutions" under the Bank Secrecy Act (BSA) to include dealers in antiquities. Specifically, 31 U.S.C. § 5312(a)(2) was amended by adding "a person engaged in the trade of antiquities, including an advisor, consultant, or any other person who engages as a