Sep 26, 2024 | News, UK, USA
As we celebrate our sixth birthday this month, we take a look at the changing landscape of AML in the art market. This considers two aspects for each year covered: 1) legislation and implementation; and 2) our evolution to meet needs. 2018 Legislation and...
Apr 29, 2024 | EU, News, UK, USA
The 50 percent rule means that if a company is at least 50% owned by a financially sanctioned individual or entity, it is illegal to transact with that company. This is regardless of the value of a transaction or what product or service is being sold. Background...
Mar 13, 2024 | Guidance, Legislation and Policy, 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, Legislation and Policy, 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 | Guidance, Legislation and Policy, 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...
