FinCEN Launches Regulatory Process For AML Regulation on Antiquities

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCen) released a notice highlighting the increase in online child sexual exploitation (OCSE) trends and tips on filing #SAR https://t.co/nH4k4sI25b pic.twitter.com/QK3tImj6s6

— ACAMS (@ACAMS_AML) September 21, 2021

Authorities and experts have long raised concerns regarding the largely unregulated market of art and antiquities, stating that this area is ripe for exploitation by organized criminals and terrorist groups. In particular, the ANPRM cites how antiquities trade can be exploited by money launderers and terrorist financiers to launder illicit funds through the US financial system. 

Terrorist organizations, transnational criminal networks, and other fraudulent actors also seek to exploit antiquities to transfer value to acquire new sources of funds, evade detection, and launder proceeds from their illicit activities.  Some terrorist groups have generated revenue from permitting or facilitating the illegal extraction or trafficking of antiquities in territories where they operate, states the FinCEN. 

Comments are open for submission till October 25, 2021, for industry members and other interested parties, including casinos, depository institutions, the insurance industry, and other financial institutions. 

Suggested Read: Art Market in the Frame of Money Laundering