As an art market participant, you are required to complete due diligence checks on any cumulative transactions (including VAT and additional fees) that meet or exceed the threshold of 10,000 EUR. As the currency conversion between EUR and GBP fluctuates over time, we have created this guide to the equivalent threshold in GBP since January of 2020.
This guide may be useful to compare to your transaction records as a supervised business and in the case of any intervention from HMRC.
The official rate to determine if the value of your transaction (including directly associated costs such as VAT and the total from ‘linked transactions’) totals €10,000 and thus triggers the requirement to conduct AML checks under the Money Laundering Regulations 2017 is the Bank of England’s daily spot exchange rates published via:
Currency Conversions in 2020
| Month (2020) | Conversion (10k EUR in GBP) |
| January | £8,512.08 |
| February | £8,428.86 |
| March | £8,333.33 |
| April | £9,209.79 |
| May | £8,783.48 |
| June | £8,958.96 |
| July | £8,949.34 |
| August | £9,105.80 |
| September | £9,026.90 |
| October | £9,146.62 |
| November | £9,021.19 |
| December | £8,926.97 |
Currency Conversions in 2021
| Month (2021) | Conversion (10k EUR in GBP) |
| January | £9,029.34 |
| February | £8,880.20 |
| March | £8,637.81 |
| April | £8,622.17 |
| May | £8,635.58 |
| June | £8,635.58 |
| July | £8,635.58 |
| August | £8,620.69 |
| September | £8,512.82 |
| October | £8,598.46 |
| November | £8,430.98 |
| December | £8,398.42 |
Currency Conversions in 2022
|
Month (2022) |
Conversion (10k EUR in GBP) |
|
January |
£8,514.26 |
|
February |
£8,324.32 |
|
March |
£8,368.90 |
|
April |
£8,327.08 |
|
May |
£8,327.78 |
|
June |
£8,448.08 |
|
July |
£8,608.81 |
|
August |
£8,512.81 |
|
September |
£8,453.08 |
|
October |
£8,717.63 |
|
November |
£8,695.65 |
|
December |
£8,598.45 |
Currency Conversions in 2023
| Month (2023) | Conversion (10k EUR in GBP) |
| January | £8,582.21 |
| February | £8,740.49 |
| March | £8,895.21 |
| April | £8,823.01 |
| May | £8,802.04 |
| June | £8,703.98 |
| July | £8,604.37 |
| August | £8,684.32 |
| September | £8,559.45 |
| October | £8,654.26 |
| November | £8,664.76 |
| December | £8,695.65 |
Currency Conversions in 2024
| Month (2024) | Conversion (10k EUR in GBP) |
| January | £8,645.28 |
| February | £8,572.65 |
| March | £8,560.18 |
| April | £8,541.90 |
| May | £8,536.79 |
| June | £8,518.61 |
| July | £8,443.09 |
| August | £8,390.66 |
| September | £8,529.51 |
| October | £8,420.34 |
| November | £8,444.51 |
| December | £8,349.33 |
Conversion Calculation Guide
These charts will be updated regularly as the exchange rate becomes available from the Bank of England . If you would like to calculate the conversion yourself, here is a guide:
To get the triggering value:
> On the Bank of England’s daily spot exchange rate page, enter the date under ‘rates for’ (the most recent data available may be from a few days prior).
> Click ‘search’
> Looking at the left column, ‘Currency’, scroll down to ‘Euro’ (noting that the list is in alphabetical order).
> See the rate listed in the right column.
> Divide €10,000 by that number to get the current conversion into £ GBP.
To work out the conversion to € EUR for a transaction in £GBP:
> On the Bank of England’s daily spot exchange rate page, enter the date under ‘rates for’ (the most recent data available may be from a few days prior).
> Click ‘EUR’ under ‘Against’.
> Proceed by clicking the ‘search’ button
> See the rate listed for Sterling
> Multiply that number by the amount in £ GBP to determine the value in € Euros.