Guidance

Money laundering supervision for art market participants

Find out if you’re an art market participant and need to register with HMRC under the Money Laundering Regulations.

Who should register

You may have to register with HMRC if your business operates as an art market participant.

An art market participant under the Money Laundering Regulations means a firm or sole practitioner who is either:

  • an intermediary or trades in the sale or purchase of works of art where the value of the transaction (or a series of linked transactions) is €10,000 or more

  • the operator of a freeport when it stores works of art in the freeport where the value for a person (or a series of linked persons) is €10,000 or more

A freeport is a warehouse or storage facility within an area chosen by the Treasury as a special area for customs purpose. This is in line with section 100A(1) of the Customs and Excise Management Act 1979.

‘work of art’ has the same meaning as in section 21 of the Value Added Tax Act 1994.

When to register

You must register with HMRC if you decide that you meet the above criteria. You’ll be able to pay your fees at the same time.

Annual renewal

At the end of each registration period we will send you a renewal notice reminding you to pay the annual fee on all your listed premises. If you do not need your registration to continue then you should tell us.

If you do not pay the correct renewal fee then we may cancel your registration. We will remove your business from its anti-money laundering register.

Further information

Guidance for art market participants includes how to agree to the conditions under the money laundering regulations and other related legislation.

It covers:

  • what you must do to protect against the risks of money laundering and terrorist financing
  • how to report suspicious activity
Published 7 February 2020