AML compliance
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2024 AML Recap for the Property Market
- February 6, 2025
- Posted by: FCS Compliance
- Category: News, Property Market
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2024 was a year in which we continued to see regular reports of money laundering cases involving the purchase of property in the real estate market.
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4 critical takeaways from the recent OFSI updates that AMPs must be aware of
- February 6, 2025
- Posted by: FCS Compliance
- Category: Art Market, News
Recent updates from the Office of Financial Sanctions Implementation (OFSI) introduce stricter obligations for Art Market Participants (AMPs), emphasising the need for robust compliance practices. Here’s what you need to know.
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5 AML Watchouts for AMPs in 2025
- February 6, 2025
- Posted by: FCS Compliance
- Category: Art Market, News
As we look ahead to 2025, there are several important developments on the horizon for art market participants (AMPs) that will shape compliance efforts, regulatory obligations, and industry trends.
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2024 AML Recap for the Art Market
- February 6, 2025
- Posted by: FCS Compliance
- Category: Art Market, News
In 2024, there was notable activity in the anti-money laundering (AML) and sanctions landscape for art market participants (AMPs) in the UK.
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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
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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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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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
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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
