Senate Proposes New Anti-Money Laundering Legislation to Regulate Art Market

In July, the U.S. Senate introduced the Art Market Integrity Act (AMIA), legislation that would require art dealers and auction houses to comply with anti-money laundering and counterterrorism financing regulations under the Bank Secrecy Act (BSA). The BSA requires financial institutions, such as banks, money services businesses, and casinos, to take steps to prevent, detect and report money laundering activity. But, while comprehensive, the BSA does not extend to the art market.