Guidance Archives - Page 3 of 6

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...

Do non-UK art businesses need to register for UK-based AML Supervision if transacting at art fairs?

Oct 11, 2022 | Guidance

Think that anti-money laundering that has hit the art sector doesn’t apply to your business, as you’re an overseas dealer presenting at a UK fair? Think again – including if you’re based in the European Union. The downloadable guide provided in...

HMRC’s message to Art Market Participants: Key changes in the updated BAMF Guidance (2022)

Sep 21, 2022 | Guidance, Policy + Consultations

The British Art Market Federation (“BAMF”) Guidance was updated for UK Art Market Participants (“AMPs”) on 30th June 2022. HM Revenue & Customs (“HMRC”) as regulator sent an email update with key changes to AMP businesses registered for supervision. The list of...

Important changes to meaning of who is your ‘customer’ following BAMF Guidance Update (UK)

Sep 20, 2022 | Guidance, Policy + Consultations

This article aims to update Art Market Participants (“AMPs”) on key updates and clarifications, explain a shift in emphasis to take a risk-based approach, and to help industry players understand what is legally required to meet compliance requirements....

How do you conduct AML at an art fair?

Sep 16, 2022 | Guidance

Before anti-money laundering became a reality for art businesses, ArtAML™ founders Susan J Mumford and Chris King were asking and addressing the question. Such events can be a crucial activity for galleries and dealers (see the Art Basel annual reports for statistics...

Risk Assessment and AML Policy: A legal requirement for Art Market Participants

Aug 24, 2022 | Guidance

In our view, 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...