News
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Economic Crime and Corporate Transparency Act 2023
- January 24, 2024
- Posted by: FCS Compliance
- Category: Blog, News, Property Market
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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
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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100s of AMPs tuned in to catch the live webinar
- January 18, 2024
- Posted by: FCS Compliance
- Category: Art Market, News, Promotion
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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Join the webinar: Stay Ahead of HMRC’s Money Laundering Crackdown
- December 14, 2023
- Posted by: FCS Compliance
- Category: News, Property Market
Live webinar on Rightmove: Thursday 25 January, 10:00am – 11:00am (SOLD OUT) Thursday 25 January, 12:00pm – 13:00pm (EXTRA SESSION ADDED DUE TO DEMAND) Stay Ahead of HMRC’s Money Laundering Crackdown The UK property market remains at a high risk of being used for laundering ‘dirty money’. So with HMRC ramping up ‘on-site inspections at
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Snoofa and FCS Compliance held an exclusive webinar for AMPs
- November 23, 2023
- Posted by: FCS Compliance
- Category: Art Market, News, Promotion
As you may know, HMRC are enthusiastically conducting interventions of Art Market Participants (AMPs), and many tuned in for Tuesday’s webinar (21.11.2023) on ‘Avoiding CDD Pitfalls: How to Decrease the Likelihood of HMRC Penalties’, held by Snoofa and FCS Compliance. Missed the webinar? Catch up here. This popular webinar covered many of the key questions
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AMPs: Is the Ultimate Beneficial Owner information on Companies House reliable?
- October 23, 2023
- Posted by: FCS Compliance
- Category: Art Market, News
Is the Ultimate Beneficial Owner information on Companies House reliable?Written by Rena Neville, Head of FCS Compliance – Art Division In answer to the question “Can we rely on Companies House to provide reliable information on Ultimate Beneficial Owners (UBOs)?”, I am afraid the answer is no. Indeed, the UK government has in the not-too-distant
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Proliferation Financing for Designated Non-Financial Businesses – What This Means for the Property Market
- October 23, 2023
- Posted by: FCS Compliance
- Category: News, Property Market
Proliferation Financing for Designated Non-Financial Businesses – What This Means for the Property MarketWritten by Caroline Walters AICA, Director of Operations, FCS Compliance HMRC’s latest update in relation to proliferation financing states that there is a requirement for Designated Non-Financial Businesses and Professions to carry out proliferation financing risk assessments. So what exactly is proliferation
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When is an Art Market Participant (AMP) relieved of conducting Customer Due Diligence?
- October 23, 2023
- Posted by: FCS Compliance
- Category: Art Market, News
When is an Art Market Participant (AMP) relieved of conducting Customer Due Diligence?Written by Rena Neville, Head of FCS Compliance – Art Division Some AMPs are still under the false impression that they must conduct Customer Due Diligence (CDD) on every party in every qualifying transaction. This, however, is not the case. There are some
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Property Market: Four possible new models for an AML supervision
- October 23, 2023
- Posted by: FCS Compliance
- Category: News, Property Market
Four possible new models for an AML supervisionWritten by Malcolm Driscoll MA AICA Int. Adv. Cert (AML), Lead AML Consultant, FCS Compliance – Property Division The Treasury is currently looking at four possible new models for AML supervision and, while this is still at a consultancy stage, we at FCS Compliance are mindful of any
