Stay up-to-date on Know-Your-Customer (KYC) and Anti-Money Laundering (AML) best practices. Find out about upcoming compliance obligations in the US and how existing regulations in the UK and EU affect US-based businesses.
The Treasury conducted a study on how the Art Market and those who transact within it are most at risk to be involved with money laundering.
While the road to passage for the ENABLERS Act may face obstacles along the way, what is clear is that it is not a matter if these types of regulations will come into force, but when.
British Art Market Federation Confirms U.S-based art dealers must register with the HMRC prior to transacting in the UK, and other updates.
The ENABLERS Act, approved by the US House of Representatives and set to pass as a part of the annual defense budget, expressly requires certain professionals to comply with Anti-Money Laundering regulations.
The HMRC has indicated that they may be conducting compliance checks at upcoming fairs or via written communications with participating art market professionals that fall under the regulations.
The opaque nature of the world art market has made it an attractive and effective mechanism for masking criminal activity.
As a US-based art industry professional, buying or selling a work of art in the UK or the EU, you are required to comply with the local law. If you don’t you may be barred from such transactions in the future.