Q&A session on Art dealing and anti-money laundering requirements (AML)
Q. Should I be concerned by this subject
A. Yes, the art industry has been specifically targeted by the authorities. Penalties for getting it wrong include substantial fines and in some cases imprisonment.
Q. When do the regulations apply?
A. They apply to all art dealers. They are required to have specific anti-money laundering system in place. The regulations apply specifically to all sales of art over €10K.
Q. What are are art dealers and gallerists required to do to comply?
A. Establish a record of the identity of the buyer and in some case the source of funds used to purchase the Art.
Q. Are art dealers required to make notifications to the authorities?
A. Yes in a limited number of cases. Failure to do so can lead to expensive fines and even imprisonment.
Q. What should I do if I get visited by the authorities with compliance and AML questions.
A. Contact Art&Music Law immediately, refer all investigations to us. Try and resist giving the authorities access to any records until we can advise you.
Q. How can Art&Music Law help?
A. Art&Music Law can work with you to set up a fully compliant system to ensure that these risks are minimised and your business is protected. Pete has worked with many companies in the implementation of compliance systems and is an international expert in this area of law.
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