FinCEN Issues Guidance on Sanctions, Money Laundering Risks Surrounding Illegal Art Trade
The Financial Crimes Enforcement Network issued a March 9 guidance about new regulations and measures surrounding trade in “antiquities and art.” FinCEN said banks with Bank Secrecy Act obligations “should be aware” that they may be involved in illegal trading…
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of art, which may include money laundering and sanctions violations. The guidance outlines how financial institutions should be filing Suspicious Activity Reports that detail the potential violations.