➡️ The legislation was laid before Parliament on the 14th November 2024, with the majority of regulations coming into force in December 2024.
➡️ The remaining regulations came into force on the 14th May 2025, 6 months later.
➡️ The newly in-force regulations include expanding the list of sectors subject to financial sanctions reporting requirements to high value dealers (HVDs) and art market participants (AMPs).
✅ HVDs and AMPs should review their sanctions screening frameworks and systems to ensure they maintain compliance with the new regulatory expectations.
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