AMLD5 and the Art Market is an Arts Council supported programme of free training sessions and workshops, offering practical advice to support art market participants to understand, assess and respond to their obligations under the latest Anti-Money Laundering Directive (AMLD5).
Developed and delivered by Creative United in partnership with London law firm, Kingsley Napley LLP, AMLD5 and the Art Market is a nation-wide training programme aimed at supporting galleries, artists and other ‘art market participants’ in meeting their obligations under AMLD5 before the upcoming 10 June 2021 deadline and beyond.
What kind of support will be offered?
AMLD5 and the Art Market will offer a series of practical digital sessions, targeting the different needs of both art businesses, such as galleries, auction houses, dealers and others, and individual artists. Each session will be focussed on a specific area of compliance, such as due diligence, record keeping, and effective monitoring.
Register now: Overview Sessions
Join us for one of our overview sessions to find out more about AMLD5, how it might affect you, and what training is on offer to help you and your business. There are two options below, one for businesses, and one for artists.
Sign up now, places limited.
Register now: Workshops
Join us for one of our workshop sessions to receive guidance on a specific area of AMLD5 compliance, such as due diligence, record keeping, and effective monitoring. Each workshop will include practical real-life examples, followed by a Q&A session. Further resources will be made available to you following the session via Creative United’s LearnWorlds platform.
Sign up now, places limited.
What is AMLD5?
AMLD5 extends the current anti-money laundering legal framework to cover business activity taking place within the art market. The directive now concerns art market participants (AMPs) involved in selling work directly to clients through single or linked transactions with the sale of goods in excess of €10,000 (c.£8.5k) to conduct due diligence, monitoring, and enhanced record keeping.
Although AMLD5 came into law in the UK over a year ago, the deadline for registering with HMRC as an AMP was extended to 10 June 2021 to take account of the disruption being faced by the industry as a result of the Covid-19 pandemic. With the new deadline now just 3 months away, it is clear that large numbers of organisations whose business activities will be caught by the legislation have yet to fully understand or implement the systems and processes that will be necessary to ensure compliance and minimise the risks associated with selling high value works of art.
What is an Art Market Participant?
The following groups are classified as Art Market Participants under AMLD5 regulations:
- Auction houses
- Individual artists
- Other entities involved in selling high value works of art, whether on a regular or occasional basis
What does AMLD5 mean for the art market?
The update marks a considerable shift towards greater transparency; data management and regulatory control within the art market which has until now been unregulated and built largely on business practices that have relied heavily on high levels of trust and client confidentiality.
What are the repercussions of not meeting your obligations under AMLD5?
A breach of the regulations could leave art market participants at risk of public censure, prohibitions on managing the business, financial penalties and at its most serious, criminal prosecution for offences, which carry potential sentences of imprisonment.
For further information and for press/media enquiries, please see the press release by clicking on the button below.