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TREAS/FINCEN | RIN: 1506-AB50 | Publication ID: Fall 2022 |
Title: Section 6110. Bank Secrecy Act Application to Dealers in Antiquities and Assessment of Bank Secrecy Act Application to Dealers in Arts | |
Abstract:
FinCEN intends to issue a Notice of Proposed Rulemaking to implement Section 6110 of the Anti-Money Laundering Act of 2020 (the AML Act). This section amends the Bank Secrecy Act (31 U.S.C. 5312(a)(2)) to include as a financial institution a person engaged in the trade of antiquities, including an advisor, consultant, or any other person who engages as a business in the solicitation or the sale of antiquities, subject to regulations prescribed by the Secretary of the Treasury. The section further requires the Secretary of the Treasury to issue proposed rules to implement the amendment within 360 days of enactment of the AML Act. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Long-Term Actions |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 31 CFR 103 ch. X | |
Legal Authority: 12 U.S.C. 1829b 12 U.S.C. 1951 to 1960 31 U.S.C. 5311 to 5314 31 U.S.C. 5316 to 5336 |
Legal Deadline:
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Overall Description of Deadline: Section 6110 of the AML Act of 2020 requires the Secretary of the Treasury to issue proposed rules to implement the amendment within 360 days of enactment of the AML Act, which was enacted on January 1, 2021. |
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Timetable:
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Regulatory Flexibility Analysis Required: Yes | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: Yes | |
Agency Contact: FinCEN Regulatory Support Section Department of the Treasury Financial Crimes Enforcement Network P.O. Box 39, Vienna, VA 22183 Phone:800 767-2825 Email: frc@fincen.gov |