Blog
-
Join us at ArtLogic’s Connect ’24 Event
- November 14, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog
No Comments
Our very own Rena Neville, Head of FCS Compliance Art Division will be an expert panelist at ArtLogic’s Connect ’24 Event, 19 – 21 November. ‘Connecting those who create, sell, and buy art to learn and grow together at the online conference for the art world.’ What to expect Join Connect 2024 to explore
-
Is It Really HMRC Contacting You? How to Avoid Scammers
- October 23, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog
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
-
Art Market Red Flags: Indictment of Russian TV Figures
- October 20, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog
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
-
COMING SOON – Mock HMRC Inspections: Would your business be prepared if HMRC knocked?
- October 17, 2024
- Posted by: FCS Compliance
- Category: Blog, Promotion, Property Market
Written by Malcolm Driscoll, Lead AML Consultant, FCS Compliance As HMRC intensifies its scrutiny of financial crime, Estate Agents should think about prioritising their Anti-Money Laundering (AML) compliance obligations. The property market is a prime target for money laundering, and adhering to AML regulations is essential. Non-compliance can lead to severe financial penalties, reputational damage,
-
AMPs: Do You Accept Cash?
- July 9, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog
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
-
Property Case Study – Proliferation Financing SAR
- July 8, 2024
- Posted by: FCS Compliance
- Category: Blog, Property Market
Property Case Study – Proliferation Financing SAR Written by Jen Siwicki, Senior AML Consultant, FCS Compliance Last year in July HMRC updated the Estate and Letting Agency Business Guidance to include the issue of ‘proliferation financing’. It’s an important document, not least because it’s this document written by the regulator and is specific to Estate Agency Businesses
-
Auction House Due Diligence: What AMPs need to know
- July 7, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog
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,
-
2024 – The Year of Elections
- July 2, 2024
- Posted by: FCS Compliance
- Category: Blog, Property Market
2024 – The Year of Elections Written by Stephen Williamson, Senior AML Consultant, FCS Compliance 2024 has been dubbed “the biggest election year in history” by some political commentators with 90 elections and referenda to be contested across at least 64 countries as well as in the European Union. Among these of course has been
-
Commercial Property and the increased risk of Money Laundering
- June 21, 2024
- Posted by: FCS Compliance
- Category: Blog, Property Market
Commercial Property and the increased risk of Money Laundering Written by Malcolm Driscoll, Lead AML Consultant, FCS Compliance The vulnerability of the commercial sector to money laundering is often overlooked. Many law enforcement investigations reference Organised Criminal Groups (OCG’s) and how they launder their ill-gotten gains through the real estate market. But their focus is
-
Keeping the Shine on Super Prime – Enhanced Due Diligence: A Guide for Estate Agents in the UK
- June 6, 2024
- Posted by: FCS Compliance
- Category: Blog, Property Market
Keeping the Shine on Super Prime – Enhanced Due Diligence: A Guide for Estate Agents in the UK Written by Stephen Williamson, Senior AML Consultant, FCS Compliance There has long been a fascination with the buying and selling of properties at the very top end of the market. The term super prime has become synonymous
