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...
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...
Mar 22, 2023 | Knowledge Base, UK
Interventions are now taking place of art businesses regulated for AML in the UK. This overview has been put together to help set your expectations of what might be covered. Keep reading to discover key areas to be covered, starting with a bullet pointed list and...
Mar 9, 2023 | Guidance, Policy + Consultations, UK
The UK Money Laundering and Terrorist Financing Regulations 2019 took effect on 10th January 2020 which introduced ‘Art Market Participants’ (“AMPs”) as a new obliged entity. Does your business need to comply?The definition of AMPs according to...
