Guidance Archives - Page 2 of 6

How penalties are calculated for late registration as an Art Market Participant

Dec 5, 2023 | Guidance, 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...

Understanding updates to BAMF’s AML Guidance for Art Market Participants (6th February 2023)

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...

BAMF Guidance for UK Art Market Participants – last updated 6th February 2023

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...

Art fair walk-arounds and interventions by HMRC: The regulation of Art Market Participants is getting serious

Feb 24, 2023 | Guidance

The UK regulator for Art Market Participants (“AMPs”) is now visiting art fairs as well as conducting full interventions of regulated art businesses. Art fair visits If you’ve recently exhibited at an art fair in the UK, you might have met one of the...

Introducers vs. Intermediaries: Are you caught as a UK Art Market Participant?

Feb 10, 2023 | Guidance

Do you think that you – or a colleague, are not caught as an Art Market Participant (“AMP”) because you or they are only acting as an introducer in transactions? If taking an active role, including an introductory one, and receiving financial value,...

Publicly listed penalties: A new reality for late registration as an Art Market Participant (UK)

Oct 25, 2022 | Guidance, 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...