Recently BAMF (The British Art Market Federation) published updated guidance regarding money laundering regulations, citing changes to the ways galleries work with intermediaries such as advisors, other galleries and auction houses.

Under the new guidance there are now select instances in which a registered art business working with an intermediary (such as an advisor) does not have to conduct due diligence on the ultimate beneficial owner (the advisor’s end client).

However it is important to note that this is only as long as certain requirements are met by the intermediary brokering the transaction.

Therefore the event will cover the following:

What an intermediary is.
How the updates to guidance effect transacting with intermediaries.
A checklist to help you determine your due diligence process based on these updates.
Examples of how to move through a risk based approach using the checklist as a guide.
Updates needed on your risk assessments and policy documents.