Latest Fines From HMRC Are Impacting AMPs

Latest Fines From HMRC Are Impacting AMPs
Written by Rena Neville, Head of FCS Compliance – Art Division

In October 2023, HMRC updated its list of Art Market Participants (AMPs) who have fallen short of meeting their Anti-Money Laundering (AML) obligations.

The vast majority of the approximately 30 AMPs that have been fined failed to register properly with HMRC. As a consequence, individual fines have been imposed ranging between £2,600 and £13,350.

As in the past, the other sectors regulated by HMRC received higher fines as well as a broader array including fines for poor implementation, emphasizing HMRC’s commitment to enforcing compliance with the UK Money Laundering Regulations.

Full details can be found here.

As ever, FCS Compliance is here to help, so please do get in touch.

Article written January 2024