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  • HMRC issue over £1.6m in fines to estate agents

    • April 11, 2024
    • Posted by: FCS Compliance
    • Category: News, Property Market
    3 Comments
    HMRC issue over £1.6m in fines to estate agents for failing to register for AML supervision

    HMRC issue over £1.6m in fines to estate agents for failing to register for AML supervision. Press release written by Alison Blease, Director PR, FCS Compliance and Malcolm Driscoll, Lead AML Consultant, FCS Compliance. HMRC has announced (28 March 2024) that 254 estate agency businesses have been fined a total of over £1.6m for failing

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  • Economic Crime Levy Increased for Largest UK AMPs

    • April 10, 2024
    • Posted by: FCS Compliance
    • Category: Art Market, News
    No Comments
    Economic Crime Levy

    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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  • Latest Fines From HMRC Are Impacting EABs

    • January 24, 2024
    • Posted by: FCS Compliance
    • Category: News, Property Market
    No Comments
    Latest Fines From HMRC Are Impacting EABs

    Latest Fines From HMRC Are Impacting EABsWritten by Caroline Walters AICA, Director of Operations, FCS Compliance In October 2023, HMRC updated its list of Estate Agency Businesses (EABs) who have fallen short of meeting their Anti-Money Laundering (AML) obligations. The vast majority, of the approximately 70 plus EABs that have been fined, failed to register

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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
    No Comments
    FATF Update

    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
    No Comments
    HMRC updated fines for AMPs

    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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  • Arrests made across the Northwest and London in an NCA investigation…

    • January 24, 2024
    • Posted by: FCS Compliance
    • Category: Blog, News, Property Market
    No Comments

    Five men have been arrested across the Northwest and London in an NCA investigation linked to property investment fraud and money launderingWritten by Caroline Walters AICA, Director of Operations, FCS Compliance Two of the big challenges facing the property industry right now are fraud and money laundering. Money laundering and fraudulent activities are seldom discussed

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  • Economic Crime and Corporate Transparency Act 2023

    • January 24, 2024
    • Posted by: FCS Compliance
    • Category: Blog, News, Property Market
    No Comments
    Economic Crime...

    Economic Crime and Corporate Transparency Act 2023Written by Caroline Walters AICA, Director of Operations, FCS Compliance The Economic Crime and Corporate Transparency Bill received Royal Assent on 26th October 2023, becoming the Economic Crime and Corporate Transparency Act 2023 (ECCTA). This is yet another law designed to tackle the estimated money laundering cost to the

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  • HMRC Attending More Art Fairs…

    • January 24, 2024
    • Posted by: FCS Compliance
    • Category: Art Market, Blog, News
    No Comments

    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
    No Comments

    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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  • 100s of AMPs tuned in to catch the live webinar

    • January 18, 2024
    • Posted by: FCS Compliance
    • Category: Art Market, News, Promotion
    No Comments

    100s of Art Market Participants (AMPs) joined in to catch the latest webinar from FCS Compliance – Art Division, on ‘Art & Antiques – AML in 2024 – What Changes to Expect to Money Laundering Regulations in the UK and US’. The UK portion of the event was presented by Rena Neville – Head of

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