Aug 24, 2022 | Guidance, Legislation and Policy
In our view, the intention of AML legislation is two-fold:1 – Preventing your business from being the target of money laundering / terrorist-financing activities; and2 – If your business is targeted, being able to identify it (and thereby report it to...
Feb 6, 2022 | Guidance, Legislation and Policy, Industry consultations + reports, News, Opinion, USA
At last, the findings from the 2021 U.S. study on the potential application of anti-money laundering in the art sector have been published. This article accordingly highlights top-level insights from the U.S. Treasury’s 40-page ‘Study of the Facilitation of Money...
Feb 6, 2022 | Guidance, Legislation and Policy, Industry consultations + reports, UK
An early attempt at highlighting vulnerabilities the art market faces of financial crimes was included in the National Risk Assessment 2020 (UK). ArtAML was involved as a key stakeholder, and we therefore understand the challenges that were faced in presenting...
Oct 27, 2021 | Guidance, Legislation and Policy, Industry consultations + reports, Opinion, USA
In September 2021, FinCEN issued an advance notice of proposed rulemaking (ANPR) to solicit public comment on the implementation of Section 6110 of the Anti-Money Laundering Act of 2020 (the AML Act). AML Act Section 6110 amends the Bank Secrecy Act (BSA) to include...
Oct 7, 2021 | Guidance, Legislation and Policy, Industry consultations + reports, News, UK
In July 2021, HM Treasury published two consultations that invite input from art market stakeholders. The following areas are covered: ‘Digital art’ being included in the definition of ‘work of art’ in context of the Money Laundering...
Sep 16, 2021 | Guidance, Legislation and Policy
In June 2021, HMRC published risk guidance for the UK art market. Amongst other points, they outlined what is – and importantly isn’t, intended by relying on other Art Market Participants (AMPs) in transactions. Attaining this understanding is vital to...
