art market Archives

High-risk jurisdictions for Art Market Participants: Why does this matter and how do you get answers?

Mar 4, 2024 | Guidance

Risk guidance published by HMRC* highlights the importance of identifying if funds have come from a high-risk jurisdiction, in context of art transactions. Why is knowing what locations are flagged as high-risk important? The ArtAML™ platform automatically checks for...

Introducers vs. Intermediaries: Are you caught as a UK Art Market Participant?

Feb 10, 2023 | Guidance

Do you think that you – or a colleague, are not caught as an Art Market Participant (“AMP”) because you or they are only acting as an introducer in transactions? If taking an active role, including an introductory one, and receiving financial value,...

Do non-UK art businesses need to register for UK-based AML Supervision if transacting at art fairs?

Oct 11, 2022 | Guidance

Think that anti-money laundering that has hit the art sector doesn’t apply to your business, as you’re an overseas dealer presenting at a UK fair? Think again – including if you’re based in the European Union. The downloadable guide provided in...

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....

How do you conduct AML at an art fair?

Sep 16, 2022 | Guidance

Before anti-money laundering became a reality for art businesses, ArtAML™ founders Susan J Mumford and Chris King were asking and addressing the question. Such events can be a crucial activity for galleries and dealers (see the Art Basel annual reports for statistics...