Sep 27, 2023 | Guidance, Knowledge Base, UK
Establishing the definition of a ‘work of art’ is key to meeting obligations as an Art Market Participant: It is only transactions of a set value in works of art that trigger the requirement to conduct Customer Due Diligence. In the UK, the definition is...
Sep 12, 2023 | Guidance, Knowledge Base, UK
Find out if your business – or a colleague with whom you’re doing business, has successfully registered for Money Laundering Supervision. Why is this important? For businesses with a UK operation: You need to be an approved Art Market Participant with HMRC...
Apr 12, 2023 | Guidance, Knowledge Base
Risk guidance published by HMRC (June 2021) highlights the importance of identifying if funds have come from a high-risk jurisdiction. Why is this important? According to the risk guidance: Such locations are “more likely to be linked to money laundering and...
Mar 9, 2023 | Guidance, Policy + Consultations
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, Policy + Consultations, 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...
Oct 25, 2022 | Guidance, Knowledge Base, News
In April 2022, ArtAML was made aware that a gallery was receiving a penalty for late registration as an Art Market Participant (“AMP”). The gallery had only learned of anti-money laundering for the art market in early 2022 and promptly registered. Since...
