AMLD5 and the Art Market is a 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, auction houses, dealers and other ‘art market participants’ in meeting their obligations under AMLD5.
AML Regulations: an important message for individual artists
On 26 May 2021, HM Treasury indicated that it is not intended that artists (“persons who create original art”) should fall under the scope of the Anti-Money Laundering Regulations. We have consulted with HM Treasury and have provided a full statement here, with guidance information for individual artists.
What kind of support is on offer?
AMLD5 and the Art Market is a series of practical digital sessions designed to give registered learners a deeper understanding on a specific area of AMLD5 compliance, with topics covered including due diligence, record keeping, effective monitoring and more. Each workshop includes practical real-life examples, followed by a Q&A session.
Additional resources can be found in the form of a comprehensive AML Toolkit for Art Market Participants which includes FAQs, useful links and sample documents to help with your AML compliance needs.
Introduction to the Anti-Money Laundering Regime
This session provides a comprehensive overview of the Anti-Money Laundering legislation and how Art Market Participants can meet these new obligations.
Conducting a Risk Assessment
This session focuses on the obligation on art market participants to adopt a ‘risk based approach’ to preventing and detecting money laundering.
Conducting Customer Due Diligence
This session looks at what due diligence art market participants must conduct in order to be compliant with AMLD5, offering practical advice on the steps needed to do so.
Nominated Officer & Reporting suspicious activity
This session looks at roles & responsibilities of a nominated officer and how suspicious activity is reported.
Policies, Controls and Procedures
This session looks at the obligations placed on Art Market Participants to have in place adequate policies, controls and procedures.
Fundraising and Donations
This session focuses on how AMLD5 operates when an AMP receives donations or money from fundraising.
AML Toolkit
This comprehensive AML Toolkit for Art Market Participants includes FAQs, useful links and sample documents to help with your AML compliance needs.
Click on the button below to watch these sessions in full via Creative United’s Learnworlds platform and find out more about AMLD5 and how it might affect you and your business.
Require additional support?
If you require additional support and guidance beyond what we are able to offer on the free programme, then we would recommend obtaining independent legal advice. Our programme partner Kingsley Napley would be pleased to assist you in this regard, if you would like to consult with them in the first instance.
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.
FAQ
What is an Art Market Participant?
The following groups are classified as Art Market Participants under AMLD5 regulations:
- Galleries
- Auction houses
- Dealers
- 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.
Press Release
For further information and for press/media enquiries, please see the press release by clicking on the button below.
