Anti Money Laundering, AML and AMP's simply explained
Anti Money Laundering, AML and AMP's simply explained.
Fine Arts Investment Ltd (trading as Richard Taylor Fine Art or RTFA) must comply with and operate under certain laws in relation to anti-money laundering (AML) regulations and we take this very seriously.
1. Anti Money Laundering (AML) regulations for buying art
If you buy a painting (or paintings) totalling over 10,000 euros, or the equivalent in another currency (about £8600 GBP July 2025), we have to ask you for identifcation documents. This is to verify your identity as part of our Customer Due Diligence (CDD). We have to comply with Anti Money Laundering 5 (AML5) regulations (2020) under the law, as the art market is now one of the regulated sectors with regard to money laundering. Non-compliance puts the business at risk of being exploited and can result in criminal prosecution by HMRC.
2. What is an Art Market Participant (AMP)?
Under AML 5 regulations, anyone who sells a painting over 10,000 euros by way of their business has to be registered as an Art Market Participant (AMP) and have AML supervision and training via HMRC. This includes art dealers and also auction houses.
Richard Taylor is therefore registered with HMRC as an AMP, as Fine Arts Investment Ltd.
3. If you are another art dealer, intermediary for a customer or similar, and are buying a painting(s) from us over 10,000 euros, then you also need to be registered as an AMP with HMRC for AML supervision, in order for us to be able to do business. Checks can be made on the GOV.UK website. (Asking if you are an AMP and your registered name needs to be one of our first questions for transactions with another art dealer over 10,000 euros, as we simply cannot proceed under law if you are not an AMP).
4. If you are a private customer you do not need to be registered as an AMP or with AML 5.
5. What ID documents do I need to send as a private customer?
For transactions over 10,000 euros, the documents we have to ask for, before the transaction can be completed, are basically to verify your identity - that you are who you say you are and live where you say you live. This is especially important with on-line sales as we haven't met face to face.
So we need, under law:
Photo ID such as a current passport or driving licence
Proof of your main residential address - a recent utility bill and/or bank statement with your name and address on.
6. How do I send documents securely?
We will send you a link with Richard Taylor Fine Art logo on and the documents are sent securely via the Arcarta platform. (Arcarta is a digital platform that helps art businesses to comply and succeed with art market regulations (www.arcarta.com).
7. What happens to my documents?
Your documents are stored securely on the Arcarta platform as part of of our Customer Due Diligence report. We must process the personal data in a lawful manner, as required by General Data Protection Regulations (GDPR) and the Data Protection Act 2018. Legally, documents have to be kept for 5 years and are then destroyed.
If you are a customer and have any questions or concerns about the above, you can get in contact via info@richardtaylorfineart.com
Fine Arts Investment Ltd (trading as Richard Taylor Fine Art or RTFA) must comply with and operate under certain laws in relation to anti-money laundering (AML) regulations and we take this very seriously.
1. Anti Money Laundering (AML) regulations for buying art
If you buy a painting (or paintings) totalling over 10,000 euros, or the equivalent in another currency (about £8600 GBP July 2025), we have to ask you for identifcation documents. This is to verify your identity as part of our Customer Due Diligence (CDD). We have to comply with Anti Money Laundering 5 (AML5) regulations (2020) under the law, as the art market is now one of the regulated sectors with regard to money laundering. Non-compliance puts the business at risk of being exploited and can result in criminal prosecution by HMRC.
2. What is an Art Market Participant (AMP)?
Under AML 5 regulations, anyone who sells a painting over 10,000 euros by way of their business has to be registered as an Art Market Participant (AMP) and have AML supervision and training via HMRC. This includes art dealers and also auction houses.
Richard Taylor is therefore registered with HMRC as an AMP, as Fine Arts Investment Ltd.
3. If you are another art dealer, intermediary for a customer or similar, and are buying a painting(s) from us over 10,000 euros, then you also need to be registered as an AMP with HMRC for AML supervision, in order for us to be able to do business. Checks can be made on the GOV.UK website. (Asking if you are an AMP and your registered name needs to be one of our first questions for transactions with another art dealer over 10,000 euros, as we simply cannot proceed under law if you are not an AMP).
4. If you are a private customer you do not need to be registered as an AMP or with AML 5.
5. What ID documents do I need to send as a private customer?
For transactions over 10,000 euros, the documents we have to ask for, before the transaction can be completed, are basically to verify your identity - that you are who you say you are and live where you say you live. This is especially important with on-line sales as we haven't met face to face.
So we need, under law:
Photo ID such as a current passport or driving licence
Proof of your main residential address - a recent utility bill and/or bank statement with your name and address on.
6. How do I send documents securely?
We will send you a link with Richard Taylor Fine Art logo on and the documents are sent securely via the Arcarta platform. (Arcarta is a digital platform that helps art businesses to comply and succeed with art market regulations (www.arcarta.com).
7. What happens to my documents?
Your documents are stored securely on the Arcarta platform as part of of our Customer Due Diligence report. We must process the personal data in a lawful manner, as required by General Data Protection Regulations (GDPR) and the Data Protection Act 2018. Legally, documents have to be kept for 5 years and are then destroyed.
If you are a customer and have any questions or concerns about the above, you can get in contact via info@richardtaylorfineart.com