HMRC Interventions and Sanctions

It is a legal requirement for all relevant employees to receive anti-money laundering training and to stay up-to-date with the current regulations.Our experts at FCS Compliance offer comprehensive CPD-certified training for all levels of staff to support compliance with Regulation 24 of the Money Laundering Regulations 2017. These can be conducted both remotely and onsite.We are established compliance trainers with extensive knowledge of primary and secondary legislation and are chosen as partners by UK-wide industry associations, such as NAEA Propertymark, to help raise standards and minimise the risk of criminal activity within regulated businesses.

FCS Compliance

A complimentary webinar with expert guidance and practical information to help you get AML-compliant and HMRC-ready for the summer season.

With HMRC inspectors set to target the fairs this season, the art market must ensure it is fully prepared and AML compliant should the regulator get in touch. On Monday 27 June, leading experts from the newly formed Art Division at FCS Compliance will hold an important webinar to share practical advice on what to expect from an HMRC audit and how to prepare. In addition, attendees will learn how best to deal with updated UK guidance since the Money Laundering laws went into effect in 2020 as well as how sanctions are affecting the marketplace.

<h3>Key event details</h3>Time: 5pm to 6pmDate: Monday 27 June 2022Registration: Free to attendThe expert speaker line-up includes:

<ul><li>`Ivan Macquisten (Event Moderator) - Former editor of Antiques Trade Gazette, Independent Consultant and Director of ImacQ</li></ul><ul><li>Rena Neville, Lead AML Consultant, FCS Compliance Art Division and Founder, Corinth Consulting</li></ul><ul><li>Malcolm Driscoll, Lead AML Consultant, FCS Compliance</li></ul><ul><li>Paula Trommel, Senior AML Consultant, FCS Compliance and Deputy Director, Corinth Consulting</li></ul>

Chaired by Ivan Macquisten, former editor of Antiques Trade Gazette, this complimentary event offers attendees the opportunity to ask questions and hear directly from a formidable line-up of AML experts whose collective expertise and years of experience working in the art market, for the FCA (Financial Conduct Authority) and the Police force ensures a concentrated hour of relevant insight, in-depth understanding and refreshing candour.____________________________________________________________________________

<blockquote>“The art market must be confident in their compliance status and be prepared for AML scrutiny. HMRC have started auditing and imposing penalties on non-compliant art businesses and doubtless their attendance at the art fairs will be next. It’s also important to note that there is a level playing field at UK art fairs, meaning that international galleries in attendance must also comply with the UK ML regulations, such as registering with HMRC and having an AML programme.”</blockquote><blockquote>Rena Neville</blockquote><blockquote> </blockquote><blockquote>“Sanctions, in response to Russia’s invasion of Ukraine, affect art market transactions across virtually all collecting categories, even those beyond the scope of the Money Laundering Regulations, such as sales of decorative arts, jewellery and watches.”</blockquote><blockquote>Paula Trommel</blockquote><blockquote> </blockquote><blockquote>“Even if only one sale a year triggers the UK money laundering regulations, the art gallery or advisor must register with HMRC and adopt an AML programme.”</blockquote><blockquote>Malcolm Driscoll</blockquote>____________________________________________________________________________

Heading up FCS Compliance Art Division, Rena benefits from a unique combination of art world and international legal and business experience built on a 30-year career at Sotheby’s.  She has been exclusively devoted to providing art market AML assistance for the last two years through her company Corinth Consulting. At Sotheby’s, Rena was the first Global Compliance Director, as well as serving other roles there such as  European General Counsel and Global Head of Litigation.  Prior to Sotheby’s, she was an associate at the law firm Sullivan &amp; Cromwell. She is a qualified NY lawyer. Most recently, she has written on money laundering regulations and the art market for the Constantine Canon art@law blog, The Art Newspaper and participated in panels and interviews, such as for the Appraisers Association of America, ABC Australia podcast.

Working for over 30 years in the Police Service in London in the investigation of serious and complex fraud and money laundering, Malcolm has an in-depth knowledge of how criminals seek to launder the proceeds of criminal activity on a global scale. An accredited NCA Mentor and Financial Investigator, Malcolm holds a Master of Arts Degree in Fraud Management and has extensive experience working alongside regulatory bodies, such as HMRC, the Law Society and the FCA. He is a member of the International Compliance Association (ICA) holding an Advanced Certificate in Anti-Money Laundering and Counter Terrorist Financing.

Paula’s particular strengths lie in her art market and regulatory experience. While at the Financial Conduct Authority, the UK Regulator, she was responsible for the investigation of financial crime cases, including money laundering, putting her regulatory knowledge to use. At Corinth Consulting, she gained extensive international experience in designing and implementing compliance and anti-money laundering programmes.  Her art world experience comes from working with the Fine Art Group as well as Christie’s legal and compliance departments.  Her recent publications include articles for Artribune in Italy, as well as The Art Newspaper and she has participated in panels such as the London Art Business Conference as well as the Dallas Art Fair in the US.

Ivan Macquisten is a writer, commentator, analyst, collector and campaigner in the international art market. He runs his own consultancy, focusing on policy (including AML), business development, reputation management, communications strategy and media relations for trade associations as well as auction houses, galleries and tech businesses internationally, while also advising collectors and artists.As a campaigner he has advised the UK parliament on cultural property legislation and wrote part of the trade guidance for the Cultural Property (Armed Conflicts) Act 2017. He also acted as chief adviser to the UK trade associations, as well as the European Art Market Coalition, CINOA and IADAA in negotiating with the European Commission and European Parliament over the EU’s 2019 import licensing regulations for cultural property.As a journalist he writes regularly for the Art Newspaper and Artnet News, and has a series of columns on art, antiques and collecting in UK lifestyle magazines.____________________________________________________________________________

FCS Compliance is a leading specialist in the provision of anti-money laundering (AML) compliance, consultancy and training for businesses covered by the Money Laundering (ML), Terrorist Financing and Transfer of Fund Regulations 2017, including art market participants, auctioneers, estate agencies, law firms, and high value dealers. FCS Compliance offers a comprehensive range of AML compliance services including: AML audits, the provision of written policies and procedures, firm-wide risk assessments, CPD-certified training courses, Customer Due Diligence (CDD) on domestic and international individuals, trusts and companies, HMRC intervention support, and Suspicious Activity Reports (SARs) consultancy. FCS Compliance is an Approved Service Provider of LAPADA, a member of PAIAM, and has won multiple business and industry awards including: ‘AML Compliance and Consultancy of the Year’ – UK Enterprise Awards 2022 (SME News), ‘Best AML Compliance, Consultancy &amp; Training Specialists’ - UK Enterprise Awards 2021 (SME News), ‘Consultancy Training Specialist of the Year’ – Corporate LiveWire’s Global Awards 21/22, and Supplier of the Year: Products &amp; Services (Business) - The Negotiator Awards 2021.FCS Compliance is a LonRes business. For further information, visit: <a href="https://fcscompliance.co.uk/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">www.fcscompliance.co.uk</a>

HMRC Interventions and Sanctions

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