AMP Archives - ArtAML

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...

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

Aug 2, 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...

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...

Publicly listed penalties: A new reality for late registration as an Art Market Participant (UK)

Oct 25, 2022 | Guidance, News

In April 2022, ArtAML was made aware that a gallery was receiving a penalty for late registration as an Art Market Participant (“AMP”). The gallery had only learned of anti-money laundering for the art market in early 2022 and promptly registered. Since...