Latest updates on what anti-money laundering means for the art world
Our team is focused on helping the art market tackle incoming anti-money laundering legislation whilst maintaining the joy and pleasure of operating in the cultural sector. To receive new posts in your inbox, sign up for email updates.
Artnet News Pro: Protecting Your Art Business Against Cybercrime
The notoriously tech-phobic art trade has found itself slap-bang in the middle of this digitally dominated 21st century. The pandemic, recent craze for NFTs, and a collector-base newly rich in...
Artists are not caught under AML in the UK
In June 2019, ArtAML Co-Founders Susan J Mumford and Dr. Chris King participated in the HM Treasury Consultation for the Transposition of the 5th Money Laundering Directive into UK law. In the...
‘Reliance’ isn’t enabling business as usual, so what’s the point?
One of the art market’s greatest concerns about anti-money laundering (AML) regulations is the potential loss of confidentiality surrounding clients. The obligation to reveal the identity of the...
Simplified Due Diligence: An easy way to meet AML requirements?
If you’re subject to anti-money laundering (AML) legislation, you’re required to take steps that will raise red flags to signal the possibility of your business being the target of money laundering...
So You Just Bought an NFT. Here’s What That May Mean for Your Taxes
What a difference a global sensation can make: 'NFTs' (non-tangible tokens) have gone from a relatively obscure acronym to a 24/7 obsession in the art world and beyond. While interested observers...
‘The Art Market – a Temporary Trend or an Investment Which Came to Stay?’: Niels Brabandt of The Leadership Podcast interviews Susan J Mumford
Our CEO and Co-Founder Susan J Mumford recently spoke with Niels Brabandt, owner of NB Networks, to shed some light on the inner workings of the art market. Tune into The Leadership Podcast ‘The Art...
How The New Anti-Money Laundering Laws Will Affect Art Collectors
Hot on the heels of the implementation of AMLD5 and AMLD6 across the EU and UK, January 2021 saw the U.S. House and Senate vote through a bill to extend the rules of the 1970 Bank Secrecy Act to...
UK Art Dealers Are Misusing the Law to Avoid New Money-Laundering Regulations
In recent weeks it has come to light that some art businesses may have misunderstood, and unknowingly be breaking, a key part of the latest anti-money laundering regulations. We were therefore more...
Antiques Trade Gazette letter to the editor: No need to panic about anti money laundering rules
The art market has been dealing with a swathe of changes ranging from Brexit to anti-money laundering. In this letter by our CEO Susan J Mumford, she takes three recent breaking news items and...
Understanding your AML obligations, and how technology saves time and money: ArtTactic podcast interview with ArtAML
We're delighted to have been interviewed for ArtTactic’s podcast series. Taking place prior to the passing of the National Defense Authorization Act 2021 (US), Podcast Host interviewed ArtAML CEO...
Spotting fake IDs: A new reality for the art market?
We frequently hear art market participants ask if money laundering is really an issue for the industry. While it’s still early days for the implementation of the 5th Money Laundering Directive that...
How to get AML-ready as an Art Market Participant
Following the announcement that UK Art Market Participants have been given until 10th June 2021 to register with HMRC, what can you do to get ready? See tips below from the ArtAML Team. Be sure to...
Art Market Participant Registration (UK) deadline extended to 10th June 2021
The Government is to push back the deadline for businesses to register under the new Anti-Money Laundering (AML) regulations from January 10 to June 10 next year. The five-month delay comes in the...
Artnet News feature: ‘A New App Aims to Help UK Art Dealers Struggling to Comply With the Country’s Confusing New Anti-Money-Laundering Rules’
We've been delighted to partner with Artnet News on the beta launch of our Customer Due Diligence platform, which is now steaming ahead towards the 1st September public launch. Associate Editor...
Guide for Registering as an Art Market Participant (UK)
In order to carry out activities as an Art Market Participant in the UK, you need to register with HMRC. This is akin to an application process, as it is possible to be rejected. This has been...
ArtAML’s response to HM Treasury’s Consultation with industry: Transposition of the Fifth Money Laundering Directive
In late Spring 2019, HM Treasury, as the UK governmental authority tasked with drafting legislation to implement the EU's Fifth Money Laundering Directive with a deadline of 10th January 2020,...
A visual guide to AML for the art market – for Private Sales
The Guidance that has been published to instruct Art Market Participants (AMPs) for understanding and complying with the new anti-money laundering legislation is sizeable at 111 pages in total. We...
Read the official Guidance for Art Market Participants (UK)
The UK Money Laundering and Terrorist Financing Regulations 2019 took effect on 10th January 2020 which introduced 'Art Market Participants' ("AMPs") as a new obliged entity. Does your...
How should the art market comply with the new AML legislation?
The amendments to UK legislation implementing the 5th Anti-Money Laundering Directive were passed in UK Parliament on 20th December 2019 and took effect on 10th January 2020. At the time of writing,...