If you were thinking that reading AML guidance was enough to satisfy the requirement to have training, think again.
Continuing to trade at the level of 10,000+ Euros as an Art Market Participant carries serious responsibility in the modern marketplace.
Let’s start with a common misconception:
AML Training is separate to ArtAML (or any other) platform onboarding. Learning how to use a technology solution to help with your AML needs will not satisfy authorities in the case of an audit.
Here’s what the BAMF Guidance (2020) states as being required:
How can you get AML training specific to the needs of the art market while passing a test (as above) and receive paperwork?
We have you covered. ArtAML’s training program is specifically geared to the art market and includes a comprehension test in addition to a digital certificate (providing that you pass the course). As the best practice for frequency established across regulated sectors is once a year, the ArtAML Certificate of Completion is valid for one year.
Find out more about our AML Training program.
Before you go… be sure that internal training relates specifically to your business’s AML Policy:
It’s important that you and any other ‘relevant employees’ (including independent contractors involved with AML in transactions) are aware of how the business addresses identified risks, outlined in your ‘Policies, Controls and Procedures’ (PCPs) as contained within your business’s AML Policy. Anytime that a risk changes, a review is to be taken of the AML Policy, with a view to updating mitigations if needed (for example, if a new risk doesn’t have any procedure to address the risk in real-life transactions).
Therefore, internal training keeps relevant employees up-to-date with the business’s specific needs, while certified AML Training provides the thinking behind AML to support your overall compliance (for instance, learning how to take a risk-based approach and understanding how art businesses are specifically at risk of being the target of money laundering or terrorist financing activities).
Sort out your AML Training:
Find out about our training and get started right now. Once purchased, it will take about 2 hours, and you can pause, re-start, etc.