Art market businesses must register under the 5th Money Laundering Directive by June 10 this year.
The 5th Money Laundering Directive (known as 5MLD) took effect on January 10, 2020. It requires auction houses, art galleries and dealerships to conduct stricter due diligence on buyers who purchase works of art above a threshold of €10,000.
The regulation requires Art Market Participants (AMPs) – anyone trading in or acting as an intermediary in the trade of works of art that sell for above the threshold – to register and a pay a fee with HMRC.
Guidance for AMPs can be found here on HMRC's website.
HMRC is hosting another webinar on April 27 for AMPs. Details of the webinar are here.
Other anti-money laundering companies and specialists have also been holding events to offer advice and information to the art and antiques market.
Arcarta, the customer due diligence platform for the art market, has launched a series of talks with the first planned for April 16 at 4pm. For information visit: at www.arcarta.com/disclose.
FCS Compliance, the AML training provider to the NAEA Propertymark, is hosting training sessions for AMPs on April 26 and 27.
Other advisers include:
Art and IP provides compliance solutions for Fine art and IP firms.