Traditionally, art market practices are typified by a high degree of tolerance for confidentiality and informality. These are perpetual challenges when performing due diligence and allocating contractual responsibility for warranties and representations.  These traditions are also problematic in the context of recurring demands for transparency, and concerns that legitimate customs and practices of the industry can be exploited for improper purposes such as money laundering. To what degree are art market participants subject to ever-increasing anti-money laundering (AML) regulations? What are the areas of conflict between AML requirements and art market customs and practices? This program, presented by Valentino Vasi and Judith Wallace of Carter Ledyard & Millburn LLP, will review recent art industry guidance on recommended AML and transparency best practices, and discuss how they can be implemented and benefit art market participants. 

 

1. Discuss areas of conflict between AML requirements and art market customs and practices
2. Review recent art industry guidance on AML and transparency best practices
3. Develop best practices for implementing this guidance, and examine how to best benefit art market participants