reliance Archives

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...

‘Reliance’ isn’t enabling business as usual, so what’s the point?

May 17, 2021 | Guidance, UK

One of the art market’s greatest concerns about anti-money laundering (AML) regulations is the potential loss of confidentiality surrounding clients. The obligation to reveal the identity of the buyer (ultimate beneficial owner or UBO in AML jargon) to another dealer...