compliance Archives

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...

How AML compliance has changed for art businesses : 2018-2024

Sep 26, 2024 | News, UK, USA

As we celebrate our sixth birthday this month, we take a look at the changing landscape of AML in the art market. This considers two aspects for each year covered: 1) legislation and implementation; and 2) our evolution to meet needs. 2018 Legislation and...

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...

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

Mar 28, 2024 | Guidance

The Financial Action Task Force (FATF) updated the list of high-risk countries on 26th February 2024, following a UK update on 21st February 2024. Specifically, this update adds Kenya and Namibia and removes Barbados, Gibraltar, Uganda and the United Arab Emirates....

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,...