The Implementation of money laundering regulations successes and challenges in todays world

ANTI-MONEY LAUNDERING FOR THE ART MARKET TWO YEARS ON - LESSONS LEARNED

Ivan MacQuisten, Susan Mumford, Rena Neville

THURSDAY 6 JANUARY – 4PM                                                                                 ONLINE

January 2022 marks two years since the Money Laundering Regulations came into force in the UK. New guidance by the British Art Market Federation (BAMF) is expected soon, and in the meantime, the industry is doing its best to comply with obligations overseen by HMRC as regulator. The panel will report on implementation successes and challenges, as well as changes coming down the pipeline. With several art market compliance specialists and several others who are gallerists on the frontline, you will get answers to questions not yet asked, in addition to practical tips for implementation.

PANELLISTS:

Moderator

Ivan Macquisten – The Art Newspaper:

Formerly Editor of Antiques Trade Gazette, Ivan Macquisten is a writer, commentator, analyst, collector and campaigner in the international art market. He runs his own consultancy, focusing on policy, business development, reputation management, communications strategy and media relations for trade associations as well as auction houses, galleries and tech businesses internationally, while also advising collectors and artists. He sits on the advisory board for ArtAML on anti-money laundering issues. Ivan also advises businesses in the industrial and commercial auctions sector.

As a journalist he writes regularly for the Art Newspaper and Artnet News, and has monthly columns on Art, Antiques and Vintage in Cornwall Life, Devon Life, Somerset Life and Dorset Magazine.

Panel

Susan J Mumford, CEO ArtAML:  

Susan J Mumford is a sector-supporting entrepreneur for the art market. Having arrived in the UK from the USA in 2000, she ran a gallery in Soho, London, from 2006-11. When the art world entered a new era following the credit crunch, she founded the Association of Women Art Dealers (AWAD), an international multi-chapter non-profit network connecting women and women-identifying art dealers on a global basis. This was followed by the creation of Be Smart About Art, an online-accessible professional development platform that helps creative professionals thrive in a changing world. In 2018, she co-founded ArtAML, a leading technology platform supporting the art market with compliance obligations. She regularly engages with the UK civil service as an industry specialist and has recently provided a response to a U.S. consultation.

About ArtAML:

Committed to helping businesses with AML compliance

We are here every step of the way to guide you through the process of AML due diligence

The 5th Anti-Money Laundering Directive passed in to UK law in January 2020 and compliance is now a compulsory part of the art market.

Failure to make that effort can constitute a criminal offence, however it also an opportunity to safeguard transactions and boost confidence among your clients; protecting your business from risk and improving the general image of the market.

We started ArtAML to provide a simple and complete solution for the art market, designed with our customers in mind.

Rena Neville, Director, Corinth Consulting: 

Rena Neville, of Corinth Consulting Ltd, is an art market AML specialist, with a unique combination of art world and international legal experience. Prior to founding Corinth Consulting in 2020, Rena enjoyed a 30-year career at Sotheby’s. In addition to being its first Global Compliance Director, her roles there included: European General Counsel and Global Head of Litigation. More recently, she was part of the global business and client development leadership team. Before joining Sotheby’s, she was an associate at the law firm Sullivan & Cromwell. She is a qualified NY lawyer. Rena currently lives in London, but has fairly evenly split her time living between London and New York.