In the article, Rena Neville and Paula Trommel explore the trend of increased art market AML regulation in the UK and US, with each country having a different focus. The varying international approaches may be due to the lack of hard data underpinning the regulations. Regardless, global inconsistency adds to the complexity of compliance.
What has changed almost 2 years after the implementation of the 5th AML Directive across Europe? Paula Trommel’s article on AML laws in the UK and in Italy explains the reality of what has changed for the art market in the UK and Italy.
October 16, 2021
The Art Business Conference returned in strength in London on November 2nd and provided an excellent opportunity to exchange information and ideas about the art market and AML of today and tomorrow. Paula Trommel participated in The Art Business Conference AML Panel and engaged in lively a debate on the effect of AML on the art world, organised by Louise Hamlin.
This autumn the London art market intends to return to its pre-pandemic glory with the restart of in-person art fairs. If you are planning on attending an art fair in the UK, have a read of the article in The Art Newspaper on anti-money laundering regulation in the art market and the strict requirements for visiting art institutions.
Thank you to Harriet Clapham Art Advisory for the mention of Corinth Consulting, art market AML solutions, in The Times. Understanding how clients came by the funds to acquire art is just one of the tricky parts of the UK AML regime.