News
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.
UK Art Market Faces Sanction Requirements on Sales Similar to those Imposed on US Art Industry
In addition to the existing AML reporting and recording obligations, UK AMPs will soon be subjected to sanctions regulations. Sanctions compliance is a separate and parallel obligation to the AML regulations. It applies regardless of whether a transaction meets the €10,000 AML threshold and is entirely outside the AML framework.
Bi-Partisan Art Market Integrity Act Pending in Congress
New Anti-Money Laundering regulations in the United States may be closer to a reality. If the Art Market Integrity Act (S.2400) is passed, it will bring the US regulatory environment in the fine art industry in line with Europe.
US Treasury Study on Art Market Risks
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.
Lawyers, Accountants and Anti-Money Laundering Due Diligence
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.
US Art Dealers Must Register to Transact in UK
British Art Market Federation Confirms U.S-based art dealers must register with the HMRC prior to transacting in the UK, and other updates.
Risky-Businesses May Be Covered Under the US Bank Secrecy Act
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.
HMRC requires non-UK galleries to comply with all AML mandates and register for VAT
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.
Recent Incidents of Money Laundering in the Art World
The opaque nature of the world art market has made it an attractive and effective mechanism for masking criminal activity.
UK/EU AML Regulations Apply to US-based Fine Art Dealers
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.