Sep 20, 2022 | Guidance, Knowledge Base, Policy + Consultations, UK
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....
Sep 16, 2022 | Guidance, Knowledge Base, Our solution
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...
Aug 24, 2022 | Guidance, Knowledge Base, UK
The original blog post dated 17th August 2021 was updated on 24th August 2022 to incorporate clarity provided in the updated BAMF Guidance (2022). In ArtAML’s view, the intention of AML legislation is two-fold:1 – Preventing your business from being the...
Feb 6, 2022 | Guidance, Industry consultations, News, Opinion, Policy + Consultations, USA
At last, the findings from the 2021 U.S. study on the potential application of anti-money laundering in the art sector have been published. This article accordingly highlights top-level insights from the U.S. Treasury’s 40-page ‘Study of the Facilitation of Money...
Feb 6, 2022 | Guidance, Industry consultations, Policy + Consultations, UK
An early attempt at highlighting vulnerabilities the art market faces of financial crimes was included in the National Risk Assessment 2020 (UK). ArtAML was involved as a key stakeholder, and we therefore understand the challenges that were faced in presenting...
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...