How Anti-Money Laundering Regulations are Hitting the Art Market in the United Kingdom and What Participants Can Do to Comply

Steve and Katie talk to Susan Mumford and Chris King, co-founders of ArtAML, about the recent roll out of AML regulations covering art market participants in the United Kingdom, who is implicated, how they can comply, and what this means for art businesses and the culture of secrecy in the art market generally. The requirement to determine and seek documentation of the ultimate beneficial owner on each end of the transaction is something financial institutions have long done, but not art dealers. ArtAML is an online platform designed to help art market participants comply with their legal obligations of due diligence and documentation. This conversation is of particular interest to those in the United States as the United Kingdom is the second largest art market outside the United States, and we expect AML regulations to roll out to the art market in the United States soon.   Notes for this episode: http://artlawpodcast.com/2021/11/01/how-anti-money-laundering-regulations-are-hitting-the-art-market-in-the-united-kingdom-and-what-participants-can-do-to-comply/   Follow the Art Law Podcast Instagram: https://www.instagram.com/artlawpodcast/ TikTok: https://www.tiktok.com/@artlawpodcast