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 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...
Feb 20, 2024 | Guidance, UK
A targeted Amber Alert from the UK’s National Crime Agency warns about money laundering via art storage facilities. This impacts businesses and providers in and to the art market and requires direct action to be taken when holding art on short or long term...
Dec 5, 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...