Art Market

Written by Rena Neville, Head of Art Division, FCS Compliance Understanding HMRC Communication: A Guide for Businesses In today’s digital age, distinguishing between genuine communication from HMRC and potential scams is crucial. Whether it’s a call, text, or WhatsApp message, being certain of the source is essential for safeguarding your personal and business information. This

Written by Rena Neville, Head of Art Division, FCS Compliance In a stark reminder of the importance of robust Anti-Money Laundering (AML) practices in the Art Market, US authorities have indicted Dimitri Simes, a prominent Russian state television personality, and his wife, Anastasia Simes, for violating sanctions and committing money laundering offences. The charges underscore

AMPs: Do You Accept Cash? …If so, should you register with HMRC as a High Value Dealer (HVD)? Not all cash payments create a duty to register with HMRC for supervision for anti-money laundering.  However, any businesses or sole traders that make or receive cash payments of 10,000 euros (or equivalent in another currency) or

Auction House Due Diligence: What Art Market Participants (AMPs) need to know How does Due Diligence work for Auction Houses? The answer is the same for nearly every anti-money laundering question; it depends – mainly on the scenario.  Key factors that govern the answer include; whether the AMP is buying or selling art at auction,