AML AND THE ART MARKET: BRITISH ART MARKET FEDERATION GUIDANCE ADDRESSES KEY ISSUES

Stephenson Harwood has published a briefing saying that on 24 January BAMF published its keenly anticipated “Guidance on Anti-Money Laundering for UK Art Market Participants”.  It provides clarity on a number of questions on how newly-regulated dealers, galleries and auction houses should apply the Money Laundering Regulations in the course of business.   The Guidance clarifies a number of points around the question of when to apply CDD and EDD, and to whom they should be applied – and situations where “double CDD” has to be applied (e.g. where the buyer acts as through an agent), as well as applying CDD at art fairs.

https://www.shlegal.com/docs/default-source/news-insights-documents/aml-and-the-art-market_bamf-guidance-addresses-key-issues—feb-2020.pdf?sfvrsn=dac8135b_0

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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