The resources have been put together by associations representing around 700 dealers.
Representing around 700 dealers together, the British Antique Dealers’ Association (BADA), the Society of London Art Dealers (SLAD) and the Association of Art and Antiques Dealers (LAPADA) have commissioned the videos on Anti-Money Laundering (AML) legislation.
They have enlisted the help of ‘art compliance specialist’ Rakhi Talwar to create the videos. Talwar previously worked with the trade bodies on an initial AML toolkit which was published in 2020.
Since then, the UK Treasury has updated its guidance on AML obligations. These were issued in June 2022, expanding coverage to demand the creation of “risk assessments, documenting policies and procedures and keeping comprehensive records.”
The new videos will be designed to aid staff training, as well as to “consider the broader duty of art market participants to conduct know-your-customer checks,” reports The Art Newspaper.
“Many members are small businesses who need to navigate a lot of red tape and are appreciative of accessible support and guidance,” says a spokesperson from the partnership. “We felt that although there are a number of third-party compliance specialists providing training services to the sector, it was part of our role to make training as accessible as possible.”
At the end of last year, HM Revenue and Customs (HMRC) began its regular publication of fines for Art Market participants handling on or over €10,000 (around £8,800) who failed to register correctly. The individual penalties amount to £5,000 per quarter when a participant fails to adhere, with a £100,000 cap.
These rules have been in place since 2020, with participants expected to have registered by summer 2021.
Speaking about the change, Talwar said: “HMRC are keen to ensure that art market participants are aware of their obligations – they ask whether training has been completed as part of their registration process and this usually prompts dealers to seek [it] out.”