- May 6, 2020
- Posted by: FCS Compliance
- Category: Anti-money laundering, Art and Antiques, News
Anti-money laundering (AML) specialists FCS Compliance, has been appointed as an Approved Service Provider for LAPADA (Association of Art and Antiques Dealers), the UK’s largest association of professional art and antique dealers.
The Fifth Money Laundering Directive which came into force on 10 January 2020 now applies to the art market. This means that anyone trading or acting as an intermediary in the sale or purchase of works of art over €10,000 (approx. £8,500), is now subject to EU anti-money laundering rulings.
Under the legislation dealers will need to ensure that due diligence (CDD) has been carried out on the buyer and the seller, that they have comprehensive AML written policies and procedures in place, that they agree to undertake a firm-wide Risk Assessment and ensure that all staff have recognised AML training.
Failure to comply – even during the Covid-19 outbreak – risks serious penalties imposed by HMRC.
FCS Compliance is an established specialist in the provision of AML compliance, consultancy and training. The company is headed by Managing Director, Jerry Walters, who has over 25 years’ experience of working in financial crime enforcement and is a member of the International Compliance Association specialising in AML and counter terrorist financing.
The company’s services, which are used by art, property and legal sectors, include policies and procedures documentation, firm-wide risk assessments, customer due diligence services (CDD) for individuals, companies and trusts in the UK and overseas, training, HMRC inspection support, onsite audits and Suspicious Activity Reports (SARs) consultancy.
As an introduction to members, Jerry Walters answered questions and gave guidance on the latest AML requirements for art world practitioners during a LAPADA webinar on Wednesday 6 May2020. For further information please visit: www.lapada.org/webinars.