Sep 25, 2024 | Guidance, Legislation and Policy
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...
Mar 13, 2024 | Guidance, Legislation and Policy, 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...
Feb 20, 2024 | Guidance, Legislation and Policy, UK
A targeted Amber Alert from the UK’s National Crime Agency warns about money laundering via art storage facilities. This impacts businesses and providers in and to the art market and requires direct action to be taken when holding art on short or long term...
Dec 5, 2023 | Guidance, Legislation and Policy, News, UK
A new financial reality for some Art Market Participant (“AMP”) businesses in the UK is paying a penalty for late AMP registration with HMRC, the regulator. While unregistered businesses might want to avoid such a fine, the reality is that it is illegal to...
Mar 9, 2023 | Guidance, Legislation and Policy
The British Art Market Federation (“BAMF”) Guidance was updated for UK Art Market Participants (“AMPs”) on 6th February 2023. HM Revenue & Customs (“HMRC”) as regulator sent an email update with key changes to AMP businesses registered for supervision. The list of...
Mar 9, 2023 | Guidance, Legislation and Policy, 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 business need to comply?The definition of AMPs according to...
