From January 2020 a new law has come into effect which means that the art market must comply with money laundering regulations. An amendment to the EU's Fifth Money Laundering Directive (5MLD) means that the art market across Europe becomes a regulated sector for anti-money laundering purposes.
The new legislation makes it a requirement on any transaction over €10,000, for all galleries to verify the identity of clients when buying and selling artworks. This will take the form of due dilligence checks similar to those currently undertaken by banks and law firms.
We are currently working through the legislation and developing our procedures. Please enquire if you have any queries.