Corinth Consulting
AML Compliance Programs
In the article, Rena Neville and Paula Trommel explore the trend of increased art market AML regulation in the UK and US, with each country having a different focus. The varying international approaches may be due to the lack of hard data underpinning the regulations. Regardless, global inconsistency adds to the complexity of compliance.
November 5, 2021
What has changed almost 2 years after the implementation of the 5th AML Directive across Europe? Paula Trommel’s article on AML laws in the UK and in Italy explains the reality of what has changed for the art market in the UK and Italy.
https://www.artribune.com/professioni-e-professionisti/diritto/2021/10/antiriciclaggio-arte-italia-regno-unito-confronto/
October 16, 2021
Paula Trommel highlights some of the discrepencies in the application of the EU’s 5th ML Directive, specifically the inconsistent definition of “art” in the U.K. and Italy. “L’arte è un rischio. Ma che cos’è «arte»? La legge sarebbe chiara se non dovesse fare i conti con le diverse interpretazioni dei Paesi membri”. See Il Giornale Dell’arte Numero 419, July-August 2021 Find it on page 93
This autumn the London art market intends to return to its pre-pandemic glory with the restart of in-person art fairs. If you are planning on attending an art fair in the UK, have a read of the article in The Art Newspaper on anti-money laundering regulation in the art market and the strict requirements for visiting art institutions.
August 20, 2021
October 2021, the London art market returns to its pre-pandemic glory with in-person art fairs. If attending an art fair in the UK, have a read of Paula Trommel’s article on the U.K.’s strict AML requirements for visiting art advisors and galleries .
https://www.theartnewspaper.com/comment/international-galleries-watch-out-you-need-to-comply-with-new-anti-money-laundering-laws-at-uk-fairs-this-autumn,
August 20, 2021