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.
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.
Her Majesty’s Revenue & Customs in the UK issued guidance to help the art market understand the AML risks it faces and how to best address them. One of many points of interest: Before one regulated Art Market Participant (AMP-1) transacts with a fellow Art Market Participant (AMP-2), AMP-1 should check the HMRC Register to see if AMP-2 is registered, and if not, HMRC suggests AMP-1 should not proceed with the transaction and should consider filing a Suspicious Activity Report. Here is the link: ‘Understanding Risks and Taking Action for art market participant businesses’
On April 14th, 2021, the Society of Fine Art Auctioneers and Valuers hosted Corinth Consulting, represented by Rena Neville and Paula Trommel, along with SoFAA Committee member and art law consultant Tom Christopherson. The live Q&A session, dedicated exclusively to SoFAA members, was entitled “AML and HMRC: Are you Really Prepared?” and focused on the practical meaning and application of the UK AML regime.
The Art Basel UBS 2021 Art Market Report features an article by Rena Neville entitled: The Anti-Money Laundering Difference: Knowing the Ultimate Customer. The article addresses the initial impact on the art market of the EU’s 5th Money Laundering Directive, particularly in the UK. Find it on pages 44-47, https://www.artbasel.com/about/initiatives/the-art-market