Source: Art Net
Art dealers in the UK were caught off guard when stricter government regulations on the art world went into effect earlier than expected, requiring dealers to register with the government and verify client identities.
The new regulations are intended to prevent money laundering and apply to anyone selling, buying or storing works of art.
Now, galleries are investing in more training staff and hiring money laundering compliance officers. They’ll also have to “carry out a risk assessment to gauge the likelihood of whether the transaction could be a result of money laundering or a terrorist financing scheme.”
UK officials maintain that the regulations are intended to help create more transparency between buyers, sellers and local authorities.
Read Full Story: Art Net