Art Market
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HMRC Lists Most Recent Penalties on AMPs
- April 23, 2024
- Posted by: FCS Compliance
- Category: Art Market, News
No CommentsHMRC Lists Most Recent Penalties on AMPs Written by Rena Neville, Head of FCS Compliance – Art Division The number of penalties imposed by HMRC on Art Market Participants (AMPs) is accelerating. In the most recent notice of penalties given for the six-month period from 1 April to 30 September 2023, 31 AMPs were given
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Free Customer and Object Due Diligence Webinar for AMPs
- April 23, 2024
- Posted by: FCS Compliance
- Category: Art Market, Promotion
Free webinar for Art Market Participants: Customer and Object Due Diligence – Managing Risk and Criminal Liability Brought to you by FCS Compliance, working in partnership with The Art Loss Register Join us on Monday 20 May – 5pm – 6pm (BST) About the webinar: Due Diligence is a means to uncover risks. Being
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Particular Art Market Vulnerabilities to Money Laundering
- April 22, 2024
- Posted by: FCS Compliance
- Category: Art Market, News
Particular Art Market Vulnerabilities to Money Laundering Written by Rena Neville, Head of FCS Compliance – Art Division The art market is particularly vulnerable to money laundering abuse. Cases in France and the US illustrate some of these risks; the same risks that had been previously identified by the UK’s National Risk Assessment Report. In
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Amber Alerts for Art Storage
- April 22, 2024
- Posted by: FCS Compliance
- Category: Art Market, News
Amber Alerts for Art Storage Written by Rena Neville, Head of FCS Compliance – Art Division Are you an art market participant (AMP) storing works of art for the short or long term? If so, your obligations to proactively monitor and report suspicious activity have become much clearer since the UK’s National Economic Crime Centre
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Economic Crime Levy Increased for Largest UK AMPs
- April 10, 2024
- Posted by: FCS Compliance
- Category: Art Market, News
Economic Crime Levy Increased for Largest UK Art Market Participants (AMPs) Written by Rena Neville, Head of FCS Compliance – Art Division If you are an art market participant (AMP) with a ‘very large revenue’ as defined by the UK Government, then you need to be aware that HMG has increased the economic crime levy
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Update From The Financial Action Task Force (FATF) – October 2023
- January 24, 2024
- Posted by: FCS Compliance
- Category: Art Market, News, Property Market
Update From The Financial Action Task Force (FATF) – October 2023Written by Suzanne White AICA Cert (KYC/CDD), Senior AML Consultant – FCS Compliance In the international fight against money laundering The Financial Action Task Force (FATF) identifies jurisdictions with weak measures in place to combat money laundering and terrorist financing. They issue two documents 3
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Latest Fines From HMRC Are Impacting AMPs
- January 24, 2024
- Posted by: FCS Compliance
- Category: Art Market, News
Latest Fines From HMRC Are Impacting AMPsWritten 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
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HMRC Attending More Art Fairs…
- January 24, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog, News
HMRC Attending More Art Fairs….Written by Rena Neville, Head of FCS Compliance – Art Division The British art market is the second largest in the world. It comes after the US and before China. Given the size and population of the US and China, the UK punches well above its weight. One key feature of
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The UK Strengthens Enforcement of Trade Sanctions: Art Market Update
- January 24, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog, News
The UK Strengthens Enforcement of Trade SanctionsWritten by Rena Neville, Head of FCS Compliance – Art Division In early 2024, the UK is launching the Office of Trade Sanctions Implementation (OTSI) to combat anyone attempting to evade Russian trade sanctions. The aim is that the department will compliment the existing Office of Financial Sanctions Implementation
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Are interior designers intermediaries and do they need to register as Art Market Participants?
- January 24, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog
Are interior designers intermediaries and do they need to register as Art Market Participants?Written by Rena Neville, Head of FCS Compliance – Art Division Should interior designers register as Art Market Participants (AMPs)?It’s a seemingly simple question but as is often the case with anti-money laundering legislation – it depends. I have outlined three typical