Creative United has launched a free, nationwide training programme helping galleries & artists meet their obligations under new anti-money laundering regulations, available online on their learning platform.
Developed and delivered by Creative United in partnership with London law firm, Kingsley Napley LLP, "AMLD5 and the Art Market" is a nation-wide training programme aimed at supporting galleries, artists and other ‘art market participants’ in meeting their obligations under the new Anti-Money Laundering Laws (AMLD5) before the upcoming 10 June 2021 deadline and beyond.
AMLD5 and the Art Market is a series of practical digital sessions, targeting the different needs of both art businesses, such as galleries, auction houses, dealers and others, and individual artists. Each session will be focussed on a specific area of compliance, such as due diligence, record keeping, and effective monitoring.
On 26 May 2021, HM Treasury indicated that it is not intended that artists ("persons who create original art") should fall under the scope of the Anti-Money Laundering Regulations.
Creative United has sought clarification from HM Treasury about what happens when, having created original art, artists then trade in it. Their guidance information for individual artists will be updated as soon as a response is received.
In the meantime, if you have any questions or concerns please don't hesitate to contact them at info@creativeunited.org.uk
What is AMLD5?
AMLD5 extends the current anti-money laundering legal framework to cover business activity taking place within the art market. The directive now concerns art market participants (AMPs) involved in selling work directly to clients through single or linked transactions with the sale of goods in excess of €10,000 (c.£8.5k) to conduct due diligence, monitoring, and enhanced record keeping.
Although AMLD5 came into law in the UK over a year ago, the deadline for registering with HMRC as an AMP was extended to 10 June 2021 to take account of the disruption being faced by the industry as a result of the Covid-19 pandemic. With the new deadline now just 3 months away, it is clear that large numbers of organisations whose business activities will be caught by the legislation have yet to fully understand or implement the systems and processes that will be necessary to ensure compliance and minimise the risks associated with selling high value works of art.
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