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20 Feb 2020

AML and the Art Market: BAMF Guidance addresses key issues


On 24 January 2020, the British Art Market Federation (“BAMF”) published its keenly 
anticipated “Guidance on Anti-Money Laundering for UK Art Market Participants” 
(“the Guidance”), providing welcome clarity on a number of questions on how newly 
regulated dealers, galleries and auction houses should apply the Money Laundering 
Regulations (“the ML Regulations”) in the course of business.

In our previous updates on the ML Regulations and the art market (available here and here) we set out how regulated “Art Market Participants” (“AMPs”) should prepare for the ML Regulations, by conducting risk assessments and drafting policy documents.

In this third update we consider what the Guidance says about the effect of ML Regulations in the course of day to day business. In particular we consider three pressing questions: (a) when Customer Due Diligence (“CDD”) measures need to be applied; (b) to whom they need to be applied and (c) the extent to which they need to be applied.

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Roland Foord

Roland Foord

T:  +44 20 7809 2315 M:  Email Roland | Vcard Office:  London