Our technology solution performs hours of work in minutes.
How can you fulfil anti-money laundering checks without losing sales? The answer: technology designed for the specific needs of Art Market Participants.
It’s now a legal requirement in the UK and European Union for Art Market Participants to conduct anti-money laundering checks for transactions totalling 10,000+ Euros. Whilst such legislation has good intention to prevent art businesses from being targeted as money laundering vehicles (whether or not directors / team members are aware), the reality is that implementation requires additional resources, and arguably takes attention away from other activities such as selling art.
Yet the law is here and will only be expanded in terms of scope as the years pass, so rather than be in denial, we urge you to wrap your head around what you need to do sooner rather than later. With serious penalties including potential jail time for non-compliance, it’s worth putting due diligence in place as part of the flow of transactions. Get started with ArtAML: find out more and complete an Expression of Interest to participate in the Beta programme.
“Throughout, we are building information to prompt the correct questions, to guide art market participants through the process,” Mumford says. “We understand the market we are dealing with, so we are not going in with the assumption that these people are absolutely proficient with [anti-money laundering].”
– Susan J Mumford, Artnet News, June 29, 2020
Our journey to launching the ArtAML solution.
In September 2018, our CEO Susan J Mumford – an art world veteran, learned at the Art Business Conference (London) that Anti-Money Laundering legislation would be hitting the art market in less than 18 months. She simultaneously felt concerned for the art market and sympathethic for governments. In a matter of days, she and her Co-Founder / CTO Dr Chris King, a technologist, were working on a solution that now has a team of developers on the case.
After developing a mobile application protype in the first half of 2019, our Co-Founders took part in HM Treasury’s Consultation on the ‘Transposition of the Fifth Money Laundering Directive’ in June 2019. ArtAML’s official response to the consultation can be seen here. This was followed by a meeting with HM Revenue & Customs in autumn 2019, as Supervisory Body for Art Market Participants under the Money Laundering Regulations (UK). Susan and Chris have continued meeting HMRC on a regular basis and today are closely working with the civil service to provide answers to the many varying transactional scenarios that require clarification for the industry’s compliance.
“This is going to incur a seismic shift for the art market and the way it does business,” says Susan Mumford, the chief executive of Artaml, a company developing online anti-money-laundering tools for the art market.”
-The Art Newspaper, October 10, 2019
The official guidance that explains how to adhere to the law was published in early February 2019. After several weeks digesting every word, COVID-19 arrived on the horizon. This resulted in a pivot to our pre-trading platform to focus on online transactions.
What ArtAML does.
The resulting browser-based solution incorporates the UK legislation and guidance, which is broadly applicable under the EU’s Fifth Money Laundering Directive as the UK’s legislation was written according to it (read more here). This provides access whether you’re selling remotely in 2020 or are using a tablet at a fair in autumn 2021.
The platform has been built to make future releases swift to implement, with the entirety of the solution ready to integrate with other technology solutions, such as third-party platforms a.k.a. marketplaces.
From beta to launch.
Our beta has launched and will run throughout the summer, in time for a full product launch for the new art season in September- whatever that means this year. Places are limited to 25 and providing you’re anticipating qualifying transactions to take place in July / August, find out more and complete an Expression of Interest.
Susan J Mumford
CEO and Co-Founder
After a decade operating as an art dealer and adviser, American entrepreneur Susan J Mumford has built a career providing solutions for the art industry, based out of Lewes, East Sussex. She’s also Founder & CEO of the Association of Women Art Dealers (AWAD). A keen amateur gardener, she can often be found in the garden with her hands in the soil.
Dr. Chris E. King
CTO and Co-Founder
Dr. E. Chris King is an experienced software developer with 25 years’ experience in the financial sector. His most recent work has been developing cutting edge onboarding and KYC solutions. He spends his free time pursuing fine art photography (represented by the Ivy Brown Gallery, New York) and making jewellery.
Chartered Accountant (EY). BSc Economics (Bristol University). 30+ years board level experience: The Debt Management Office, a Bank of England/Treasury Agency; Standard Chartered Bank; PA Consulting; and operating in 15+ smaller businesses where annual revenue ranged from £1m to £50m.
Harry is a qualified bookkeeper and Xero-certified advisor specialising in cloud accounting. He has acquired extensive knowledge and experience of finances, working with both start-ups and established businesses covering a wide range of sectors, including not-for-profit.
Digital Marketing Manager
Kirsty is a freelance social media and content marketing specialist. She has worked with numerous clients across a wide range of industries over the past six years, and has a passion for dissecting data and extracting insights to help inform social and content strategies.
Pere has a Master’s Degree in Computer Science, with more than 10 years’ experience in software development. He is passionate about new technologies, best practices, and mentoring junior developers.
Lance has 24 years of software architecture, design and development experience in financial markets, investment banking, health provision, internet technologies and academic research. He is a Scrum Master and XP coach, mentor and advisor in Agile Methods of software development. He has a talent for getting systems into production where organisations have previously struggled to do so.
Channing has three decades of software architecture, design and development experience in financial markets, investment banking, internet technologies and academic research, and has worked with agile methods since the late 1990s.
He specialises in helping struggling projects to succeed, and also in building highly effective teams that deliver robust systems.
(drum roll… full panel to be announced in conjunction with the full release later in the autumn)
Formerly Editor of Antiques Trade Gazette, Ivan Macquisten is a writer, commentator, analyst, collector and campaigner in the international art market. He runs his own consultancy, focusing on policy, business development, communications strategy and media relations for trade associations and businesses internationally, while also advising collectors and artists, and keeping his hand in as a journalist, a role he has filled for nearly 35 years. An adviser to the British government on aspects of art market-related legislation, Ivan co-wrote the trade guidance for the Cultural Property (Armed Conflicts) Act 2017 and is currently consulting with DCMS on the antiquities market.