U.K. Art Dealers Get Details of New Anti-Money Laundering Rules

Art dealers can face fines and jail time if they don’t report suspected money laundering transactions to authorities, according to guidance prepared by the British Art Market Federation in conjunction with the U.K. government.

The federation’s guidance released Friday provides more details on the government’s anti-money-laundering rules that cover businesses selling high-value art. They describe responsibilities of senior management under the rules, and state that an art dealer is “open to prosecution, including imprisonment for up to two years and/or a fine, or regulatory censure” if certain record keeping obligations aren’t met.

• The rules require businesses selling high-value art ...