UK Art Businesses Fined for Money Laundering Compliance Failures
Nearly 50 UK art businesses have landed on a newly published list of Art Market Participants (AMPs) that failed to comply with money laundering regulations, according to a disclosure by HM Revenue & Customs (HMRC) last week. The fines were first reported by the Art Newspaper. Galleries such as Opera and Carl Kostyál made the HMRC list, as did a fundraising initiative led by White Cube. The penalties, issued between January 1 and September 30, 2024, average over £3,000 and peak at £13,000. All stemmed from failure to register by the June 2021 deadline. One gallerist, speaking anonymously to the…