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Is your (or another) art business registered for Money Laundering Supervision as an Art Market Participant?

Nov 4, 2021 | 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...

Customer due diligence and reliance: Important clarity from HMRC to support your compliance

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...

HMRC’s risk guidance for the art market: A must-read

Sep 16, 2021 | Guidance, Knowledge Base, Policy + Consultations, 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...

AML Training: A legal requirement for Art Market Participants

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 business carries serious responsibility in the modern marketplace. Of...

Might you (unknowingly) be an Art Market Participant?

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...

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

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...
« Older Entries

Recent Articles

  • When will the U.S. art market be regulated for AML? The U.S. Treasury findings released: Study of the Facilitation of Money Laundering and Terror Finance Through the Trades in Works of Art
  • What risks does the art market face of being the target of money laundering? Findings of the National Risk Assessment 2020 (UK)
  • The Art Law Podcast: How AML Regulations are hitting the UK art market and how to comply
  • Is your (or another) art business registered for Money Laundering Supervision as an Art Market Participant?
  • ArtAML’s responses to HM Treasurys’s consultations: Amendment to the Money Laundering Regulations and Call for Evidence for the Supervisory Regime
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