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What to expect if your art business has an AML intervention with HMRC

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...

BAMF Guidance for UK Art Market Participants – last updated 6th February 2023

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...

Art fair walk-arounds and interventions by HMRC: The regulation of Art Market Participants is getting serious

Feb 24, 2023 | Knowledge Base, UK

The UK regulator for Art Market Participants (“AMPs”) is now visiting art fairs as well as conducting full interventions of regulated art businesses. Art fair visits If you’ve recently exhibited at an art fair in the UK, you might have met one of the...

Is your (or another) art business registered for Money Laundering Supervision as an Art Market Participant? See the register of Supervised Businesses (UK)

Feb 24, 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...

Introducers vs. Intermediaries: Are you caught as a UK Art Market Participant?

Feb 10, 2023 | Knowledge Base, UK

Do you think that you – or a colleague, are not caught as an Art Market Participant (“AMP”) because you or they are only acting as an introducer in transactions? If taking an active role, including an introductory one, and receiving financial value,...

How penalties are calculated for late registration as an Art Market Participant

Jan 12, 2023 | Knowledge Base, News, UK

A new financial reality for some Art Market Participant (“AMP”) businesses in the UK is paying a penalty for late AMP registration with HMRC, the regulator. While unregistered businesses might want to avoid such a fine, the reality is that it is illegal to...
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Recent Articles

  • What to expect if your art business has an AML intervention with HMRC
  • Understanding updates to BAMF’s AML Guidance for Art Market Participants (6th February 2023)
  • BAMF Guidance for UK Art Market Participants – last updated 6th February 2023
  • Art fair walk-arounds and interventions by HMRC: The regulation of Art Market Participants is getting serious
  • Is your (or another) art business registered for Money Laundering Supervision as an Art Market Participant? See the register of Supervised Businesses (UK)
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