OFSI updated guidance for High Value Dealers and Art Market Participants (inc. webinars)

The Office of Financial Sanctions Implementation (OFSI) recently issued updated guidance for High Value Dealers and Art Market Participants, which includes new reporting requirements set to take effect on 14 May 2025

The guidance impacts many types of goods, including

• Art, antiques,
• Luxury cars,
• Precious metals,
• Gemstones, and
• Investments in wines and whiskies to name a few.

Key Points of the Updated Guidance:

1. Expanded Reporting Requirements: From 14 May 2025, the list of ‘relevant firms’ subject to financial sanctions reporting requirements will be expanded to include high value dealers.
2. Due Diligence and Compliance: The guidance emphasises the importance of due diligence, compliance, and understanding common evasion practices
3. Licensing and Penalties: It covers the licensing process and potential penalties for non-compliance
4. Ownership and Control: There is a focus on understanding ownership and control structures to ensure compliance with financial sanctions

This guidance aims to help entities and individuals in the high value goods and art market sectors navigate their obligations under UK financial sanctions, ensuring they contribute to the integrity of the financial system and support national security objectives

WEBINARS

To find out more about the upcoming changes, join us for OFSI’s dedicated webinars, at 1pm on 16 January and 23 January 2025. To sign up, click the links below:

• To sign up to the webinar and live Q&A on 16th January, click here: https://lnkd.in/eujHDfeE - https://www.eventbrite.co.uk/e/high-value-dealers-art-market-participants-webinar-with-live-qa-tickets-1138199307769?aff=oddtdtcreator
• To sign up to the webinar without Q&A on 23rd January, click here: https://lnkd.in/eYQX4j_D - https://www.eventbrite.co.uk/e/high-value-dealers-art-market-participants-webinar-tickets-1138229949419?aff=oddtdtcreator

 Source: 

1. Financial sanctions guidance for High Value Dealers & Art Market .... https://www.gov.uk/government/publications/high-value-dealers-art-market-participants-guidance/financial-sanctions-guidance-for-high-value-dealers-art-market-participants.
2. High Value Dealers & Art Market Participants guidance. https://www.gov.uk/government/publications/high-value-dealers-art-market-participants-guidance.
3. https://www.linkedin.com/posts/office-of-financial-sanctions-implementation_ofsi-recently-issued-updated-high-value-dealers-activity-7284597879170555905-PHDP?utm_source=share&utm_medium=member_ios