AMLD5 and the Art Market: Nominated officer & reporting suspicious activity
AMLD5 and the Art Market: This session will look at roles & responsibilities of a nominated officer and how suspicious activity is reported.
About this Event
What will I learn? This session will look at the roles and responsibilities of a nominated officer and how suspicious activity is reported within the business of any art market participant – artists, galleries, dealers and auction houses – under the latest anti-money laundering regime AMLD5. Participants will receive advice on what a nominated officer is obligated to do, what information the authorities require regarding suspicious activity, the online procedures involved in reporting such information, and the criminal consequences for the individual nominated as AML officer. Leading this session will be Jonathan Grimes and Leena Lakhani 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. – Jonathan Grimes Jonathan is a Partner in the Kingsley Napley criminal litigation team and specialises in serious and complex criminal cases. He represents individuals and organisations in all areas of financial services and business crime and has experience dealing with all of the main UK law enforcement agencies. Many of his cases have an international dimension. He has particular expertise dealing with law enforcement applications that seek to freeze or seize assets made under the Proceeds of Crime Act and frequently advises on money laundering issues including on the making of suspicious activity reports. He is Kingsley Napley’s Money Laundering Nominated Officer and Money Laundering Compliance Officer. Leena Lakhani Leena is a barrister in the Kinglsey Napley Criminal Litigation department. Her practice covers all areas of criminal defence, internal investigations, and white collar crime – including money laundering. Leena’s defence experience includes dealing with a wide range of offences and she brings considerable prosecution experience, having advised on and appeared in trials and hearings relating to a wide range of offences including fraud. As a result of her experience, Leena has an extensive understanding of all stages of a criminal case.