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ASA Responds to FinCEN Proposal on Antiquities

by Jessica Wilhelmy | Nov 15, 2021

On September 24th, the Financial Crimes Enforcement Network (FinCEN) issued an Advanced Notice of Proposed Rulemaking concerning the implementation of Section 6110 of the Anti-Money Laundering Act of 2020. Specifically, the rulemaking would amend the definition of “financial institution” in the Bank Secrecy Act (BSA) to include persons involved in the sale of antiquities, making them subject to BSA disclosure requirements.

In its letter ASA explains the role of appraisers in connection with items of antiquity, and specifically the absence of visibility that appraisers have in regards to transactions. Appraisers determine the item’s value, but are highly unlikely to have any knowledge of subsequent transactions. Therefore, appraisers should not be included in the definition of persons governed by BSA disclosures since they are not directly engaged in antiquities transactions and should be excluded from any relating regulations.

To read the proposed rulemaking, click here. To read the response filed by ASA, click here.