Guidance Archives

Supervised Business Register (UK): Is your/another business registered as an Art Market Participant to legally transact?

Dec 20, 2024 | Guidance, UK

Find out if your business – or a colleague with whom you’re doing business, has successfully registered for Money Laundering Supervision. Why is checking the Supervised Business register important? Download the latest Register of Supervised Businesses by...

Historic conversion rates for 10,000 EUR to GBP (UK) since January 2020 – for Art Market Participants

Dec 2, 2024 | EU, Guidance, UK

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...

Monthly Currency Conversion: EUR to GBP

Dec 2, 2024 | EU, Guidance, UK

Updated 2 December, 2024. The transaction value that triggers the need to conduct Customer Due Diligence is €10,000 (unless there’s potentially suspicious activity, in which case value is irrelevant). This presents a challenge to UK businesses, as a conversion...

Banks Ramp Up AML Audits: What You Need to Know

Sep 25, 2024 | Guidance

Recently, in a period of several days, five ArtAML™ clients informed us about their banks performing detailed AML audits. Why? Banks have generally determined that businesses transacting in art are high-risk. This is resulting in annual AML audits, in which you need...

High-risk jurisdictions for Art Market Participants: Why does this matter and how do you get answers?

Mar 28, 2024 | Guidance

The Financial Action Task Force (FATF) updated the list of high-risk countries on 26th February 2024, following a UK update on 21st February 2024. Specifically, this update adds Kenya and Namibia and removes Barbados, Gibraltar, Uganda and the United Arab Emirates....

UK Art Market Participants: The NCA’s new SAR portal

Mar 13, 2024 | Guidance, UK

After many months’ testing, the National Crime Agency launched their new Suspicious Activity Report portal. As of 4th March 2024 all SARs must be created and submitted via this new SAR Portal. The NCA states: “The new SAR Portal has been designed to...