In January 2020, more people will be required to comply with the EU’s Fifth Anti-Money Laundering Directive (5AMLD). Initially aimed at financial institutions, this directive will soon include auctioneers, dealers, and others involved in dealing arts and antiquities. The 5AMLD states that any person(s) dealing with a transaction or series of linked transactions that is valued at EUR 10,000 or more must comply with anti-money laundering compliance procedures.
Those that will be newly effected by 5AMLD should begin some of the steps to comply earlier, rather than later. Staff that specialize in anti-money laundering compliance need to be hired and trained. Individuals and firms may be audited at any time under the new directive, including early on in the implementation. Reports need to be ready to submit to auditors at any time showing that due diligence was performed.
Fines for non-compliance with anti-money laundering laws are hefty, individuals that have reason to suspect money laundering is taking place should immediately report it.
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