What do I need to know about AML & KYC?

Art Money helps you easily comply with UK anti-money laundering laws for art sales over €10,000. UK art sellers (AMPs, art market participants) are required by law to register with HMRC and have a compliance program that includes, among other requirements, an obligation to  identify and verify the ultimate buyer’s personal identity (KYC, know your client) and source of funds/wealth (AML, anti-money laundering) using a process of due diligence (CDD, client due diligence or EDD, enhanced due diligence). Art sellers may rely on third party service providers such as Art Money to assist in fulfilling these legal obligations.