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Digital Subscriptions > Antiques Trade Gazette > 2335 > ‘Money-laundering’ limit to apply to all transactions

‘Money-laundering’ limit to apply to all transactions

The art and antiques trade is facing further money laundering regulation from the European Union, writes Laura Chesters.

The fifth directive to the Anti-Money Laundering Directive, due to come into force in 2019, is designed to make the transfer of assets more transparent and to ensure vendors and banks know their customers and report suspicious activity.

The changes include the need to verify identities for transactions of €10,000 or more, irrespective of the method of payment, whether by cash, credit card, bank transfer or cheque. It also covers a series of lower-value ‘linked transactions’ that can add up to €10,000 or more. Previously in the UK, such checks were necessary only for cash transactions of €10,000 or more.

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About Antiques Trade Gazette

Published every week since 1971, Antiques Trade Gazette is affectionately known as ‘the Bible of the antiques trade’. A long tradition of authority, integrity and accuracy, makes it the essential read for everyone who loves antiques. With a subscription to Antiques Trade Gazette, you’ll stay ahead of all the developments in the art and antiques market, plus you’ll enjoy • A comprehensive auction calendar – see when and where every sale will be happening • Exclusive interviews with dealers, giving you the inside track on the trade • Breaking news on key industry developments • Secrets, stories and tips from leading specialists and collectors • Top lots advertised by auctioneers • Previews of the best art and antiques fairs and markets • Special supplements focusing on specific collecting areas

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