Compliance Changes Coming to the Art World and Antiquities Dealers Due to the Recent Overhaul of the Bank Secrecy Act (OnDemand)
Originally held on Thursday, April 8, 2021 | 5:00 pm - 6:30 pm
Program Fee:
$119 for Members | $219 for Nonmembers
Members who are Recent Law Graduates, Newly Admitted Lawyers (admitted for the first time in any state or country 2020-2022), In-House/Corporate Counsel, Judges, and attorneys who practice within the Government, Academic or Not-for-Profit sectors attend this program for free.
CLE Credit:
New York: 1.5 Professional Practice
New Jersey: 1.7 General
California: 1.0 General
Pennsylvania: 1.0 General
Connecticut: Available to Licensed Attorneys
This program provides transitional/non-transitional credit to all attorneys
Description:
The recent amendments to the Bank Secrecy Act, which governs anti-money
laundering regulations, will have a major impact on the art world and
antiquities dealers. The National Defense Authorization Act of 2021
extended the reach of the BSA to those “engaged in the trade of
antiquities, including an advisor, consultant , of any other person who
engages as a business in the solicitation or the sale of antiquities.” A
study is to be conducted over the next year to determine whether this
should be applied to all of the art world, which is likely to happen as
has already been done in Europe. Further, last year Congress
investigated the application of sanctions in the art world, another area
that now will require additional compliance oversight. As a result of
all of these changes, art and antiquities dealers will have to review
their current compliance programs, if they have them, or create
compliance regimes so as not to run afoul of these new requirements.
Those working at art and antique dealers and auction houses will need to
know about the upcoming changes, as well as the law firms representing
them, both large and small.
Click Here to View Program Agenda & Faculty
Program Chair:
Annemarie McAvoy, CEO of Clovis Quantum Solutions LLC
Sponsoring Association Committees:
Art Law, Diana Wierbicki, Chair
Compliance, Patrick T. Campbell, Chair
Small Law Firm, Anne Wolfson, Chair
Co-Sponsored By:
Small Law Firm Center