The Art Law Podcast: How AML Regulations are hitting the UK art market and how to comply

November 10, 2021
by ArtAML Team

ArtAML Co-Founders Susan J Mumford and Dr Chris E King feature on the Art Law Podcast to discuss the recent roll-out of AML regulations in the UK.

Speaking to The Art Law Podcast hosts, Steve Schindler and Katie Wilson-Milne, our CTO and CTO explain what the implementation of the new Money Laundering Regulations mean for UK art businesses, who is implicated, and how ArtAML can help AMPs with their compliance obligations.

Screenshot from The Art Law Podcast site - text about podcast and the two hosts, Steve Schindler and Katie WIlson-Milne

 

The requirement to determine and seek documentation of the ultimate beneficial owner (UBO) on each end of a transaction is commonplace within other sectors – but not so for the art market. For an industry renowned for its culture of secrecy, Susan and Chris touch on what this means for art businesses who are accustomed to maintaining client confidentiality.

The developments within the UK art market are of particular interest to those in the United States; having already been applied to the U.S. antiquities market, many expect that these regulations, that have long-governed the conduct of financial institutions under the Bank Secrecy Act in the States, will become applicable to the art market in the near future.

Read the full piece, published November 1st 2021, via The Art Law Podcast website, or tune in to via iTunes, Stitcher, SoundCloud and TuneIn.

Many thanks to Steve and Katie for taking the time to speak with us.

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