PRIMERESI WEBINAR: AML Compliance Guidance for Interior Designers
Book Now: Are interior designers bound by the same UK Anti-Money Laundering Regulation as the art market?
ABOUT THIS EVENT
The UK Government has made it quite clear that certain interior designers are required to comply with the UK Money Laundering Regulations. Specifically, if/when an interior designer is involved in the purchase or sale of a work of art as an “intermediary”, the interior designer must comply with the ML Regulations, including registering with HMRC as an “art market participant”. There are very real consequences for failing to register, including penalties, fines and being listed on HMRC’s “name and shame” list.
Another option available to HMRC is to conduct Interventions, or “audits”. During an Intervention, HMRC “tests” the art market participant/ interior designer’s understanding of their AML obligations through a series of questions and a request for the key AML documents. It is critical to be prepared for an Intervention, especially to be able to demonstrate to HMRC a robust understanding of the risks of the business as well as the AML compliance obligations. Given the vast enforcement tools at HMRC’s disposal, it is vital to know if the way you conduct your business subjects you to the ML Regulations and if so, how to comply. As members of PrimeResi, we invite you to come to this special webinar on Monday 27 March (10am to 11am) to find out if the ML Regulations apply to your business and if so, how to protect yourself from penalties or worse by HMRC. If an HMRC inspectors calls, understanding and compliance are key to protecting the business.
PRIMERESI MEMBERS – INTERIOR DESIGNERS
On Monday 27th March, Rena Neville (Lead AML Consultant at FCS Compliance, a partner of PrimeResi and a multi award-winning AML specialist) will share important anti-money laundering guidance for interior design professionals.
Neville spent 30 years at leading art auction house Sotheby’s, becoming the firm’s first Global Compliance Director, before moving to FCS to spearhead the art division. Monday’s free online event will answer some of the key questions that affect many interior design businesses – exploring AML regulations and what art intermediaries need to do to stay on the right side of the law.
Rena Neville: “As an interior designer it is critical to be able to demonstrate a robust understanding of your AML obligations as well as the risks of the business during an HMRC Intervention.”