Art Market Integrity Act

The Art Market Integrity Act would expand the reach of the Bank Secrecy Act’s records and reports on monetary instrument transactions to include many players in the art market. Specifically, it would treat “persons engaged in the trade in works of art” (such as dealers, advisors, consultants, custodians, galleries, auction houses, museums, collectors, and others who act as intermediaries in art sales) as subject to the same records/transactions reporting requirements that currently apply to monetary instrument transactions. The bill adds a narrowly defined set of exemptions for small-scale activity and for individuals who create and sell their own art. It also requires Treasury to update sanctions-related guidance on high-value art transactions, develop implementing rules, and makes a few technical cross-reference changes to align with AML laws. Overall, the bill aims to increase transparency and reduce money laundering or sanctions evasion risks in high-value art markets.