Many Art Market Participants are being asked to register people in the business they didn’t know were subject to the regulations.

This screenshot from an Art Market Participant registration page on gov.uk provides important insight (see more tips below):

What this means:
>> If you have a Company Director who is not active in the day-to-day AML and/or business operations, they need to be registered as a responsible person.
>> The official Company Secretary with Companies House – if you have appointed one, will need to be registered.
>> Whatever the business structure, anyone who owns more than 25% is an Ultimate Beneficial Owner and needs to register.
>> Team members with senior management responsibilities – for example, those who make decisions on red flags raised when conducting an AML check. (In ArtAML™, it might be that such a senior manager is a ‘risk manager’ user, and a CDD check being conducted by a ‘sales’ user has raised a red flag for a customer being a PEP or being associated with a high-risk jurisdiction, which is assigned to that senior team member to address and make a decision. If suspicious activity is detected, this is to be swiftly reported to the Nominated Officer or Deputy Nominated Officer in their absence, who can submit a Suspicious Activity Report if deemed appropriate.)

Who doesn’t need to register?
>> Owners (who are not Directors / Secretaries) that own less than 25% of the business.
>> Team members who are not involved in AML decision-making and who are not senior managers of activities covered by the ML Regulations.