New AML guidance for art market participants

The British Art Market Federation has published guidance for its members on compliance with AML requirements. Treasury has approved the guidance, which is to be read alongside HMRC guidance. The guidance explains who and what is covered by the MLRs, and gives examples of situations where art dealers risk being used for money laundering. It then goes on to explain the legal obligations on covered entities and their senior management, and how to carry out appropriate CDD as well as reporting.

Emma Radmore