Apr 24, 2024 | Knowledge Base, UK
As an art market participant, you are required to complete due diligence checks on any cumulative transactions (including VAT and additional fees) that meet or exceed the threshold of 10,000 EUR. As the currency conversion between EUR and GBP fluctuates over time, we...
Apr 24, 2024 | Knowledge Base
Updated 24th April, 2024. The transaction value that triggers the need to conduct Customer Due Diligence is €10,000 (unless there’s potentially suspicious activity, in which case value is irrelevant). This presents a challenge to UK businesses, as a conversion...
Apr 4, 2024 | Guidance, Knowledge Base, UK
Wanting to register or renew for Money Laundering Supervision in the UK? Need to talk with HMRC as regulator for UK Art Market Participants? Read this post for key info. Points of note:>> The associated Organisation Government Gateway ID is the same as your...
Mar 26, 2024 | 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...
Mar 13, 2024 | Knowledge Base, UK
After many months’ testing, the National Crime Agency launched their new Suspicious Activity Report portal. As of 4th March 2024 all SARs must be created and submitted via this new SAR Portal. The NCA states: “The new SAR Portal has been designed to...
Mar 4, 2024 | Guidance, Knowledge Base
Risk guidance published by HMRC (June 2021) highlights the importance of identifying if funds have come from a high-risk jurisdiction, in context of art transactions. Why is this important? According to the risk guidance: Such locations are “more likely to be...
