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...
Nov 10, 2023 | Guidance, Our solution, UK
In order to carry out activities as an Art Market Participant in the UK, you need to register with HMRC. This is akin to an application process, as it is possible to be rejected. This has been experienced by some Art Market Participants we know who didn’t have...
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...
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...
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...