On 19 April, the European Parliament adopted the fifth Anti-Money-Laundering directive, which will tighten regulation of the art market. The aim of the new rules, first proposed in 2016 in the wake of the Panama Papers scandal, is to increase transparency around financial transactions and require banks and vendors to verify clients’ identities and to report any suspicious behaviour.
The regulations, which come into force in 2019, will cover all businesses selling works of art with transactions of €10,000 or more, irrespective of the payment method (credit card, bank transfer, cheque or cash), compelling traders to verify the identity of customers before making a transaction. Lower-value linked payments adding up to €10,000 or more will also now
... read more at: http://theartnewspaper.com/news/eu-extends-anti-money-laundering-rules