AMLD5 and the Art Market: Fundraising and donations
AMLD5 and the Art Market: This session will focus on how AMLD5 operates when an AMP receives donations or money from fundraising.
About this Event
What will I learn? This session will provide an overview on how charitable organisations that engage in fundraising activities – such as fundraising auctions and art sales – may be caught under the anti-money laundering regulations as Art Market Participants (AMPs). Attendees will receive advice on deciphering who is classified as the customer in these situations and how you verify them as part of customer due diligence processes. It will also be of value to organisations in understanding the money-laundering risks associated with donated funds. Leading this session will be Caroline Day and Katherine Tyler of London law firm, Kingsley Napley. The session will include practical real-life examples, followed by a Q&A session. Further resources will be made available to you following the session via Creative United’s LearnWorlds platform. To find out more about AMLD5 and for further information on other training sessions that might be applicable to you, please visit the Creative United website here. – What is AMLD5 and the Art Market? AMLD5 and the Art Market is a nation-wide programme of free training sessions and workshops, offering practical advice to support galleries, artists and other ‘art market participants’ to understand, assess and respond to their obligations under the 5th Anti-Money Laundering Directive (AMLD5) before the upcoming 10 June 2021 deadline and beyond. The programme was designed and developed by Creative United, and is being delivered in partnership with Kingsley Napley LLP, with support from Arts Council England, the Arts Council of Northern Ireland and Creative Scotland. – What is AMLD5? AMLD5 extends the current anti-money laundering legal framework to cover business activity taking place within the art market. The directive now concerns art market participants (AMPs) involved in selling work directly to clients through single or linked transactions with the sale of goods in excess of €10,000 (c.£8.5k) to conduct due diligence, monitoring, and enhanced record keeping. A breach of the regulations could leave art market participants at risk of financial penalties and at its most serious, criminal prosecution for offences. – Is this training right for me and my art business? If you are a gallery, auction house, dealer, art business or individual artist that sells work directly to clients through single or linked transactions with the sale of goods in excess of €10,000 (c.£8.5k) you are now classified as an Art Market Participant. Even if you only make a few transactions a year at this value, you are required to be AMLD5 compliant so it is valuable to ensure you understand your obligations fully. The regulations also have implications for charitable organisations that may from time to time be involved in transacting the sale of works of art for fundraising purposes.