AMPs Archives - ArtAML

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....

Customer due diligence and reliance: Important clarity from HMRC to support your compliance

Sep 16, 2021 | Guidance

In June 2021, HMRC published risk guidance for the UK art market. Amongst other points, they outlined what is – and importantly isn’t, intended by relying on other Art Market Participants (AMPs) in transactions. Attaining this understanding is vital to...

Might you (unknowingly) be an Art Market Participant?

Aug 18, 2021 | Guidance

There are many individuals dealing in art who don’t yet realise that they’re Art Market Participants (“AMPs”) according to the Money Laundering Regulations (UK). Some surprising yet frequent examples include:- Interior designers- Art advisors / consultants whose...

How should the art market comply with the new AML legislation?

Feb 6, 2020 | Guidance, Opinion, Our solution

The amendments to UK legislation implementing the 5th Anti-Money Laundering Directive were passed in UK Parliament on 20th December 2019 and took effect on 10th January 2020. At the time of writing, the official guidance[1] is yet to be published and clarity on how to...