AMP Archives - ArtAML

Supervised Business Register (UK): Is your/another business registered as an Art Market Participant to legally transact?

Dec 20, 2024 | Guidance, UK

Find out if your business – or a colleague with whom you’re doing business, has successfully registered for Money Laundering Supervision. Why is checking the Supervised Business register important? Download the latest Register of Supervised Businesses by...

Banks Ramp Up AML Audits: What You Need to Know

Sep 25, 2024 | Guidance

Recently, in a period of several days, five ArtAML™ clients informed us about their banks performing detailed AML audits. Why? Banks have generally determined that businesses transacting in art are high-risk. This is resulting in annual AML audits, in which you need...

UK Art Market Participants: The NCA’s new SAR portal

Mar 13, 2024 | Guidance, 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...

How penalties are calculated for late registration as an Art Market Participant

Dec 5, 2023 | Guidance, 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...

Understanding updates to BAMF’s AML Guidance for Art Market Participants (6th February 2023)

Mar 9, 2023 | Guidance, Policy + Consultations

The British Art Market Federation (“BAMF”) Guidance was updated for UK Art Market Participants (“AMPs”) on 6th February 2023. HM Revenue & Customs (“HMRC”) as regulator sent an email update with key changes to AMP businesses registered for supervision. The list of...