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 CEO Susan J Mumford and CTO Dr. Chris King explain: what the implementation of the new Money Laundering Regulations means for UK art business, who is caught and how ArtAML can help Art Market Participants with their compliance obligations.
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.
Many thanks to Steve and Katie for taking the time to speak with us.