Updated 1 October, 2024. 

The transaction value that triggers the need to conduct Customer Due Diligence is €10,000 (unless there’s potentially suspicious activity, in which case value is irrelevant). This presents a challenge to UK businesses, as a conversion is required.

There is not a single official conversion platform to use. Accordingly, if you have a qualifying transaction, convert it on the day using a reputable source, for example Oanda.  If you’re looking at historic transactions, or want a general guide, refer to the gov.uk monthly conversion table: https://www.trade-tariff.service.gov.uk/exchange_rates

In October 2024, 1 GBP = 1.1876 EUR.
Therefore, the €10,000 threshold equates to: £8,420.34

Historic conversion rates since January 2020 have fluctuated from £8,324.32 to £9,209.80. We maintain a list of historic conversion rates starting from 2020 until now.

Important note: As a regulated business, you might still decide to conduct due diligence. If you potentially detect any suspicious activity, you are required to conduct due diligence, regardless of value or type of art being sold. You are also legally obligated to swiftly submit a Suspicious Activity Report (“SAR”) to the National Crime Agency (“NCA”) if it is determined by the Nominated Officer (or their Deputy in the NO’s absence) that there is suspicious activity.