Legislative Alert: HR5886 - Bank Secrecy Act to apply to Art & Antiquities Dealers

 By U.S. Treasury Dept. [Public domain], via Wikimedia Commons

By U.S. Treasury Dept. [Public domain], via Wikimedia Commons

Legislation (HR 5886) has been introduced in the House of Representatives which calls for the Bank Secrecy Act to apply to Art and Antiquities dealers.

Under this legislation, U.S. art and antique dealers with as little as $50,000 in annual purchases/sales would be required to report international transactions and collect and report client’s personal information.  If a business is non-compliant, the consequences could include closure of the business’ bank accounts and even imprisonment.

More information about this legislation and the potential negative impacts it could have on the art market can be found on the Cultural Property News website.