Sep 27, 2023 | Guidance, Knowledge Base, UK
Establishing the definition of a ‘work of art’ is key to meeting obligations as an Art Market Participant: It is only transactions of a set value in works of art that trigger the requirement to conduct Customer Due Diligence. In the UK, the definition is...
Sep 20, 2023 | Knowledge Base, UK
After many months’ testing, the National Crime Agency has launched a new Suspicious Activity Report portal. The NCA states in their announcement: “Once your organisation has registered, it is expected that the new SAR Portal will become the sole route by...
Sep 12, 2023 | 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...
Sep 1, 2023 | Knowledge Base
Updated 20th September 2023 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 19, 2023 | Knowledge Base, UK
As an art market participant, you are required to complete due diligence checks on any culmulative 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 12, 2023 | Guidance, Knowledge Base
Risk guidance published by HMRC (June 2021) highlights the importance of identifying if funds have come from a high-risk jurisdiction. Why is this important? According to the risk guidance: Such locations are “more likely to be linked to money laundering and...
