Sep 16, 2021 | Guidance, Knowledge Base, UK
In June 2021, HMRC published risk guidance for the UK art market. Amongst other points, they outlined what is – and importantly isn’t, intended by relying on other Art Market Participants (AMPs) in transactions. Attaining this understanding is vital to...
Sep 16, 2021 | Guidance, Knowledge Base, UK
HMRC as the UK’s regulator for money laundering has published risk guidance. The findings are the result of getting to know specific situations faced by the industry. The publication presents two tables that show: > Risks common to all Art Market...
Sep 15, 2021 | Guidance, Knowledge Base, UK
If you were thinking that reading AML guidance was enough to satisfy the requirement to have training, think again. Continuing to trade at the level of 10,000+ Euros as an Art Market Participant carries serious responsibility in the modern marketplace. Let’s...
Aug 18, 2021 | Guidance, Knowledge Base, UK
There are many individuals dealing in art who don’t yet realise that they’re Art Market Participants (“AMPs”) according to the Money Laundering Regulations (UK). Some surprising yet frequent examples include:- Interior designers- Art advisors / consultants whose...
Aug 17, 2021 | Guidance, Knowledge Base, UK
The intention of AML legislation is two-fold:1 – Preventing your business from being the target of money laundering / terrorist-financing activities; and2 – If your business is targeted, being able to identify it (and thereby report it to authorities). In...
Jul 13, 2021 | Guidance, Knowledge Base
Risk guidance published by HMRC (June 2021) highlights the importance of identifying if funds have come from a high jurisdiction. Why is this important? According to the risk guidance: Such locations are “more likely to be linked to money laundering and...
