- March 7, 2025
- Posted by: FCS Compliance
- Category: Art Market, News
What are the practical consequences when on 14 May Art Market Participants (AMPs) come under an additional regulator, the Office of Financial Sanctions Implementation (OFSI)?
OFSI has the power to impose significant penalties for breaches, so AMPs must take the necessary steps to mitigate the risk.
To help navigate these changes and minimise risk, we hosted a vital AML Update to discuss these changes and what they mean for AMP’s. Rena Neville, Head of FCS Compliance – Art Division, was joined by Alexandra Melia, a Partner at Steptoe in London who specialises in sanctions law.
During the webinar the pair discussed the types of penalties that may be imposed for breaching these obligations, how to avoid being an unwitting accomplice to a sanctions breach and answered questions from attendees.
The topics covered included:
- How OFSI manages its enforcement powers
- How OFSI calculates penalties for failing to report
- Ways to help you avoid a penalty
- Whether the reporting obligation is limited to sanctioned Russians
- How to avoid being an unwitting accomplice to breaching sanctions
This webinar stimulated a huge number of questions from attendees. If you have a burning AML question, why not consider our subscription hotline service and have access to the experts when you need them all year round.
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