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

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

Program Chair & Moderator:
Annemarie McAvoy
CEO, Clovis Quantum Solutions LLC

  • 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 Law Students, 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

    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

  • New York: 1.5 Professional Practice
    New Jersey: 1.7 General
    California: 1.5 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