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.