Preparing for the New Art Economy:
Bank Secrecy and AML Compliance
Wednesday, May 22, 2019 | 6:00 p.m. – 8:00 p.m.
Free for Members | $15 for Non-Members
In 2018, the European Parliament voted to adopt tighter regulations in what is known as the Fifth Money Laundering Directive, to combat money laundering in the art world. Under this directive, art dealers must now verify the identity of clients buying works for $10,000 or more, and cash transactions above that threshold are prohibited. Similar legislation is currently being proposed in the U.S. House of Representatives, which would expand the Bank Secrecy Act to require art dealers to establish compliance programs, customer due diligence and monitoring systems. Our program will center around the discussion of recent art-related financial crimes, the impact of regulations on art dealers and the art community, and what kinds of risk-based measures this kind of regulation and oversight will lead to in the future.
Andrew C. Adams, U.S. Attorney's Office for the Southern District of New York
Mary Buschman, Aris Title Insurance Company
Rebecca L. Fine, Athena Art Finance
Birgit Kurtz, Director of Commercial & Criminal Litigation, Gibbons P.C
Elaine Wood, Duff & Phelps
Sponsoring Association Committee:
Art Law Committee, Steven Schindler, Chair