Creative United has launched a free, nation-wide training programme helping galleries & artists meet their obligations under new anti-money laundering regulations.
Closing date: 18 May 2021
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 will offer 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.
Join Creative United for one of their overview sessions to find out more about AMLD5, how it might affect you, and what training is on offer to help you and your business.
There are two options below, one for businesses, and one for artists.
AMLD5 and the Art Market: An introduction for businesses
Event Date: 14 April 2021
AMLD5 and the Art Market: An introduction for artists
Event Date: 16 April 2021
Join Creative United for one of their workshop sessions to receive guidance on a specific area of AMLD5 compliance, such as due diligence, record keeping, and effective monitoring. Each workshop will include practical real-life examples, followed by a Q&A session. Further resources will be made available to you following the session via Creative United’s LearnWorlds platform.
AMLD5 and the Art Market:Conducting a Risk Assessment
Event Date: 21 April 2021
AMLD5 and the Art Market: Conducting Customer Due Diligence
Event Date: 27 April 2021
AMLD5 and the Art Market: Nominated Officer & Reporting suspicious activity
Event Date: 6 May 2021
AMLD5 and the Art Market: Policies, Controls and Procedures
Event Date: 12 May 2021
AMLD5 and the Art Market: Fundraising and Donations
Event Date: 18 May 2021
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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