- February 6, 2025
- Posted by: FCS Compliance
- Category: Art Market, News, Promotion
**Important AML Update**
New Sanctions Obligations from May for all AMPs
Free webinar | 12pm to 1pm (BST) | Friday 7 March
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 you navigate these changes and minimise risk, we are hosting a vital AML Update at 12pm on Friday 7 March. Attendees will learn about the types of penalties that may be imposed for breaching these obligations and how to avoid being an unwitting accomplice to a sanctions breach.
Rena Neville, Head of FCS Compliance – Art Division, will be joined by Alexandra Melia, a Partner at Steptoe in London who specialises in sanctions law, who will explain the impact of these changes and answer questions.
Free to attend, attendees will learn:
- 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
As always, attendees will be invited to ask questions during the Q&A session and we will endeavour to answer as many of these as possible.
