ECSH43535 - Registration exemptions by sector: Art market participants
Regulation 15 exclusions can be found here.
Although the scenarios below are not Regulation 15 exclusions, they are worth considering as out of scope of Regulation 14.
A business does not need to register as an Art Market Participant (AMP) for anti-money laundering supervision if they are only:
Framers, shippers, or another person just providing contact information, do not actively participate in purchase/sale transactions, and so are not acting as intermediaries/AMPs.
Artists selling their own work, artists selling their own work whether as an individual/sole practitioner or through a business they own, are not within the scope of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations (MLR 2017) and therefore, not required to register as an AMP. This extends to sales of an artist’s own work through their business, which only sells their work (but not for sales of other artists’ work if also sold through their business). Similarly, sales out of an artist’s estate, or sales of an artist’s work by someone employed by the artist, or the artist’s business, to sell the artist’s work, are not within scope of MLR 2017.
Introducers, are only within the scope of MLR 2017 if they receive a financial value which directly relates to their active participation in the transaction (sale or purchase) of that work of art.
Work of art’ has the same meaning as in section 21 of the Value Added Tax Act 1994.
(This content has been withheld because of exemptions in the Freedom of Information Act 2000)