Compliance Changes Coming to the Art World and Antiquities Dealers Due to the Recent Overhaul of the Bank Secrecy Act

Originally held on Thursday, April 8, 2021 | 5:00 pm – 6:30 pm

• Description
• Faculty
• Agenda
• CLE Credit
• Sponsors

• 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.

  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 2019-2021), In-House/Corporate Counsel, Judges, and attorney members who practice within the Government, Academic or Not-for-Profit sectors attend this program for free.

• Jane Levine
  Former Chief Global Compliance Counsel
  Sotheby’s

  Patty Gerstenblith
  Professor and Faculty Director
  Center for Art
  Museum & Cultural Heritage Law
  DePaul Law School

  Marcus A. Asner
  Partner and Co-Chair
  White Collar Defense & Investigations Practice
  Arnold & Porter

• 5:00 pm – 5:05 pm
  Overview and Introductions

  5:05 pm – 5:20 pm
  How Art and Antiquities Have Been Used in Terror Financing, Money Laundering and the Avoiding of Sanctions

  5:20 pm – 5:35 pm
  A Review of What Is In the New Legislation, What Is Likely to Happen Next, What Might the Regulations that Will Follow Contain, and How the New Law and Regulations will Relate to Art and Antiquities Dealers

  5:35 pm – 5:50 pm
  A Review of the Current Requirements for Anti-Money Laundering Programs in Europe and the UK

  5:50 pm – 6:05 pm
  Discussion of the Unique Challenges That the Requirements for Anti-Money Laundering Programs Pose for Art and Antiquities Dealers Can Anticipate, and How to Best Address the Challenges and Prepare for the Changes in Law

  6:05 pm – 6:20 pm
  Expectations for Art and Antiquities Dealers Related to OFAC/Sanctions, and How They Make Sure They Are in Compliance.

  6:20 pm – 6:30 pm
  Questions

• New York: 1.5 Professional Practice
  New Jersey: 1.7 General
  California: 1.0 General
  Pennsylvania: 1.0 General
  Connecticut: Available to Licensed Attorneys

• Sponsoring Association Committees:
  Art Law, Diana Wierbicki, Chair
  Compliance, Patrick T. Campbell, Chair
  Small Law Firms, Anne Wolfson, Chair

  Co-Sponsoring Organization:
  Small Law Firm Center

  Sponsorship Opportunities are Available! Please Contact:
  Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org