Anti-Financial Crime & Financial Crime Compliance
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Art traders risk jail time if they use new KYC loophole, British experts warn; workaround for 5AMLD requirements is based on a ‘misinterpretation’ of the law

There is a loophole in customer due diligence that British art dealers are trying to use to avoid harming their business, but they may be doing so based on a misunderstanding, it has been warned.

Experts in the field of art and AML have stressed to Artnet News that relying on this loophole is a risky strategy that may lead to fines or time behind bars.

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