AML & the Art Market - A Guide to the Regulatory Maze

Introduction

The Money Laundering and Terrorist Financing Regulations brought Art Market Participants (‘AMPs’) within the regulated sector for anti-money laundering, significantly increasing their due diligence obligations.

At their core, the regulations require AMPs to carry out due diligence on their customers and transactions to ensure they understand who they are dealing with and the type of transaction they are entering into.

The purpose of the regulations is simple: to prevent criminals from using art as a vehicle to launder money.

This regulatory maze is complex to navigate, and a close understanding of key provisions is essential.

What You Will Learn

This webinar will cover the following:

• How to identify whether an individual or company qualifies as an AMP under the regulations including exceptions for artists and ‘introducers’
• The key obligations of an AMP
• Applying terms in the regulations including the definition of intermediaries, ‘works of art’ and collector’s pieces, and the notion of ‘reliance’
• Navigating provisions in British Art Market Federation’s 2020 Guidance on Anti-Money Laundering for Art Market Participants’ including identifying the relevant subjects of due diligence in transactions involving a chain of AMPs

This webinar was recorded on 9th May 2022

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