aml policy Archives

HMRC’s message to Art Market Participants: Key changes in the updated BAMF Guidance (2022)

Sep 21, 2022 | Guidance, Policy + Consultations

The British Art Market Federation (“BAMF”) Guidance was updated for UK Art Market Participants (“AMPs”) on 30th June 2022. HM Revenue & Customs (“HMRC”) as regulator sent an email update with key changes to AMP businesses registered for supervision. The list of...

Important changes to meaning of who is your ‘customer’ following BAMF Guidance Update (UK)

Sep 20, 2022 | Guidance, Policy + Consultations

This article aims to update Art Market Participants (“AMPs”) on key updates and clarifications, explain a shift in emphasis to take a risk-based approach, and to help industry players understand what is legally required to meet compliance requirements....

Risk Assessment and AML Policy: A legal requirement for Art Market Participants

Aug 24, 2022 | Guidance

In our view, the intention of AML legislation is two-fold:1 – Preventing your business from being the target of money laundering / terrorist-financing activities; and2 – If your business is targeted, being able to identify it (and thereby report it to...