AMLD5 and the Art Market: Policies, Controls and Procedures
AMLD5 and the Art Market: This session will look at the obligations placed on AMPs to have in place policies, controls and procedures.
About this Event
What will I learn? This session will focus on the obligations placed on art market participants – artists, galleries, dealers and auction houses – to have in place adequate and appropriate policies, controls and procedures required under the latest anti-money laundering regime AMLD5. The session will discuss the purpose of implementing these measures, discuss what is required in the policies, and look at the role of senior management in approving these policies, controls and procedures. Leading this session will be Nicola Finnerty and Maeve Keenan 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. – Nicola Finnerty Nicola is a Partner in the Kingsley Napley criminal litigation team and a leading expert in white collar and business crime, proceeds of crime & asset forfeiture. Over the last 25 years she has been involved in many of the most high-profile, complex criminal and regulatory investigations and prosecutions, both in the UK and in matters which span multiple jurisdictions. Her expertise includes money laundering, fraud & bribery and corruption along with being regularly consulted by individuals and institutions in the regulated sector in respect of the Money Laundering Regulations 2017. Nicola represents high net worth individuals, multi nation corporate clients, financial institutions and professional firms in investigations and proceedings brought by UK enforcement agencies. She is Kingsley Napley’s deputy Money Laundering Reporting Officer. Maeve Keenan Maeve is an associate in the Kingsley Napley Criminal team. She is instructed on cases ranging from the initial stages of criminal investigations through to trials, including working on a number of Crown Court matters. Her recent white collar experience includes matters related to investigations conducted by the Financial Conduct Authority, HMRC and the Serious Fraud Office.