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.
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,...
Art Market Participants: What you need to know. Replay of HMRC Webinar (Jan 2020)
On 8th January 2020, two days prior to the implementation of anti-money laundering legislation hitting the UK art market, HMRC as supervisory body of 'Art Market Participants' ran an informative...
Anti-money laundering legislation could hit the US art market
On 22nd October 2019, the US House of Representatives passed HR 2514, also known as the 'Counter Act'. If it passes the Senate and becomes law, the result will be anti-money laundering legislation...
Chinese whispers and the AML legislation hitting the art market
What’s YOUR interpretation of new laws requiring art dealers to conduct CDD checks on collectors? When speaking with art dealers at fairs, we’ve found that while many haven’t yet come across the...
Transparency and advisors: AML’s cultural impact on the art market
Privacy has been established as a way of conducting business in the art market over a period of many decades. The very culture of a gallery not knowing the identity of a buyer as an intermediary (or...