HM Revenue & Customs (HMRC) has published a new round of fines against UK art market participants for anti-money laundering (AML) compliance failures, covering October 2024 to March 2025. Notable penalties include £158,679 levied against London-based DYS44 Art Gallery Limited, whose director is Old Masters dealer Cesare Lampronti, for procedural violations such as lacking risk assessments, policies, staff training, and due diligence. Other fines include Atlas Gallery (£28,500) for failing to report material business changes. Over 80 penalties were issued in this six-month period, compared to 61 in the previous 20 months, signaling a sharp enforcement uptick.
This matters because HMRC is moving beyond simple registration failures to enforce operational compliance, with average fines rising from £3,000 to £6,900 and the highest exceeding £150,000. The crackdown reflects heightened regulatory scrutiny of the UK art market, which has long been considered vulnerable to money laundering. Industry figures like Tom Noon of Arcarta and Paul Hewitt of the Society of London Art Dealers highlight the tension between meaningful oversight and bureaucratic overreach, while the rising penalties underscore that art businesses must now maintain robust, ongoing AML systems or face significant financial consequences.