Does AML regulation affect you?
We are involved in the trade of works of art, where the total value of the invoice raised is equal to - or greater than - €10,000
Independent of where our company is registered, we conduct transactions AND OR raise invoices in the UK AND OR the EU against a work of art
We provide consultation AND OR advisory services in relation to works of art and handle funds for the services we provide to our clients e.g. We are an interior design firm, trust company, family office or marketplace.
We accept payments in installments equal to - or in excess of - €10,000
We transact with HNW/UHNW persons or PEPs that act within the capacity of a prominent public function e.g. Government.
Sanctions reporting obligations now apply to all Art Market Participants raising invoices at any value; Are you involved in transactions in the UK, EU or US?
We are a freeport based in the UK or EU and store works of art on behalf of our clients
Your business activity and specific nature of your business - in addition to your participating in transactions relating to works of art - means your activity is now regulated. In order to comply you will need to have a system in place that allows you to perform customer due diligence - to the required standards - register for supervision with a relevant regulatory authority in addition to a series of other legal requirements.
Get in touchYour responses suggest you are presently unaffected by 5AMLD or 6AMLD which means your business activity remains unregulated and therefore falls outside the scope of AML regulation. However - as this is a quiz - it should not be relied upon in its entirety therefore, you are encouraged to seek legal advice from a lawyer or email our support team for guidance: support@arcarta.com
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