Members are reminded that any dealer who handles items with a value of €10,000 or more (i.e £8,500+) in any of these categories: paintings, watercolours, drawings, limited edition prints, original sculpture, limited edition casts (in any medium), as well as tapestries, counts as an Art Market Participant (AMP) for anti-money laundering purposes. Such businesses were required to register with HM Revenue & Customs as an AMP from 10 June 2021.
Even if you handle only a handful of the above items each year, unless you have already done so you are strongly urged to register, as it is a criminal offence not to. Registration can be done here: https://www.gov.uk/guidance/money-laundering-regulations-who-needs-to-register Please make sure that the category of supervision you select is for Art Market Participants and not High Value Dealers - the latter applies only when businesses wish to accept or pay cash above €10,000 in exchange for any types of goods, not just works of art. If you handle works of art at the €10,000+ level, but also wish to accept or pay using large sums of cash you need to register as both an Art Market Participant and a High Value Dealer.
Members wishing to provide a short explanation of the law to customers and clients who query being asked for ID documents may like to show them this short A4 BADA - AML explanation for customers