Before the festive break, Anti-Money laundering and Terrorist financing Amendment Regulations 2019 was passed by the UK Government and will be official by January 10, 2020. The Galleries and Art sector who have their business in the UK are to take cognizance of these regulations as they are likely to change the market. With the new regulations, any market participant in the UK who transacts a minimum of 10,000 euros must carry out the KYC and due diligence checks before proceeding with such transactions.
The HM Revenue & Customs (HMRC) has been assigned as the UK supervising authority and regulated art participants. The new regulation also requires the assignment of a compliance officer to monitor and report suspicious activity, documenting steps taken, and training staff. Failure to comply with the regulation will attract fines and prosecution for serious cases.