In 2025, the U.S. Senate introduced the Art Market Integrity Act—a landmark bill aiming to overhaul how the art trade operates with respect to financial compliance and anti-money laundering (AML) oversight.
If enacted, the law would place art dealers, galleries, consultants, and auction houses under the same compliance obligations as banks under the Bank Secrecy Act (BSA). The key provisions include:
- Know-Your-Customer (KYC) rules for transactions above $10,000
- Suspicious Activity Reports (SARs) to financial regulators
- Mandatory retention of transactional and provenance records
- Source-of-funds due diligence for clients
Why now? The global art market—valued at over $65 billion annually—has long been criticized for being an unregulated, opaque environment. Anonymous buyers, informal payment structures, and cross-border logistics have made it vulnerable to misuse for money laundering, tax evasion, and even sanctions evasion.
Supporters of the bill argue that “art is not above the law.” Its physical portability, high value, and the ease of concealing ownership make it a prime vehicle for illicit finance.
On the other hand, critics—especially small- to mid-size gallerists and private dealers—warn that the compliance burden may be unsustainable, especially without clear guidance or support mechanisms.
With the EU already enforcing Regulation 2019/880 and the UK adopting AML oversight for high-value art transactions, the U.S. bill may help harmonize standards and set a new global benchmark in art market regulation.