The art of regulation: anti-money laundering compliance hits the art market
From today, art businesses will be subject to regulation aimed at cleaning up money laundering in the art world.As of today, the art market is subject to the EU anti-money laundering regime. The UK Government rushed out implementing legislation just before Christmas 2019, giving businesses little time to prepare. This will mark a significant change to the way the art market has traditionally operated.
So if you're in the art market, what do you need to do? The anti-money laundering requirements now imposed on many art businesses (as well as all other businesses subject to the anti-money laundering legislation) are extensive, including:
- carrying out due diligence on clients;
- getting senior management and business owners approved by HMRC; and
- reporting suspicions of money laundering to the National Crime Agency.
Click below for a quick guide to give an overview of the requirements and explain the mysteries of CDD, EDD, PEPs, MLRO and other acronyms.
Please feel free to contact us if you would like to discuss further.