S.Amdt. 6330

This amendment aims to add requirements for records and reports regarding monetary instrument transactions involving the trade of works of art. It seeks to change existing law by including people engaged in the art trade—such as dealers, consultants, galleries, and auction houses—under these reporting requirements.

Key changes and additions include:

• Who is covered: People in the art business must comply unless they did not participate in any single transaction over $10,000, had total transactions under $50,000 in the prior year, or only sell art they created.
• What counts as art: The amendment defines a work of art as original paintings, sculptures, watercolors, prints, drawings, photographs, installation art, or video art. It specifically excludes mass-produced decorative art (like carpets and textiles) and applied arts (like fashion or interior design).
• Treasury Department actions: The Secretary of the Treasury must update guidance regarding risks of high-value artwork transactions involving sanctioned entities and issue new rules to carry out these amendments.
• Technical updates: The amendment makes several technical changes to the Anti-Money Laundering Act of 2020, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, and the Ukraine Freedom Support Act of 2014 to keep the lettering of the law consistent.