Compliance: Global KYC Standards Finally Catch up to Fine Art Trading

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The US government have announced the marking of a resolution suggesting that bipartisan legislation may soon be introduced bringing auction houses and art dealers and warehouses under the Banking Secrecy Act’s anti-money laundering controls, placing them under strict ‘know your customer’ reporting requirements about their clients and partners.

Similar legislation has already been enacted by the European Union, and becomes effective in 2020, affecting US galleries and auction houses in cross-border transactions.