The UK art market is coming under sharper scrutiny from HM Revenue & Customs (HMRC), which has intensified enforcement of anti–money laundering rules, according to ARTnews.
The media outlet said that a new list of penalties published July 10 shows regulators issuing more fines for operational compliance failures for weak risk assessments, training, and record-keeping than just missed registrations.
Among the largest penalties, London-based DYS44 Art Gallery Limited was fined £158,679 ($213,000) for a range of procedural breaches, including failures in risk assessment, policies and controls, staff training, due diligence and timing verification, and record keeping.
Old Masters dealer Cesare Lampronti, DYS44’s director, told The Art Newspaper he has taken steps to bring the gallery into compliance and emphasized that HMRC’s action concerned procedures rather than any allegation of money laundering.
The latest tranche of penalties covers October 1, 2024, to March 31, 2025. Compliance adviser Rena Neville of Corinth Consulting told ARTnews that “over 80 penalties were issued in this six-month window, compared to 61 over the previous 20 months,” underscoring a marked acceleration in enforcement.
While late registration still features in HMRC’s lists, more cases now involve deeper program failures. Atlas Gallery, for example, was fined £28,500 for not reporting material business changes to HMRC.
Penalty sizes are also rising, according to the report. Early-2024 registration fines averaged just over £3,000, but the latest figures show an average around £6,900, with some exceeding £23,000. The highest recent fine topped £150,000, and even minor non-registration penalties typically exceed £1,200.
Industry voices quoted by ARTnews urged tighter ongoing monitoring. Tom Noon, CEO of due-diligence platform Arcarta, said participants should refresh customer information regularly, recommending a three-month cycle for higher-risk clients.
Read more at ARTnews