AML Regulation of the Art Market - A Moving Target

Introduction

The UK art market has been regulated for anti-money laundering since January 2020, and has received four sets of Guidance from HMT and its supervisor HMRC during this period.

Presented by expert speaker Rena Neville of FCS Compliance, this new virtual classroom seminar will examine the rule changes in relation to when CDD must be done and on whom, as well as clarifying who counts as an art market participant three years on.

Aimed at art market compliance, legal and financial professionals, this session will ensure you are up to speed with the key updates in this area.

What You Will Learn

This live and interactive session will cover the following:

• Whether a business is subject to the UK ML Regulatory scheme as an art market participant
• The art market risks cited by the UK, the Financial Action Task Force specifically making the market vulnerable to ML, and the most commonly seen red flags
• Updated 2022 and 2023 Guidance from the UK government to the art trade about the UK MLRs, such as how and when to do CDD
• Summary of the most recent penalties imposed on the art market and HMRC's other regulated sectors
• How an art market audit by HMRC works

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.