We’ve been delighted to partner with Artnet News on the beta launch of our Customer Due Diligence platform, which is now steaming ahead towards the 1st September public launch.
Associate Editor Naomi Rae hit the nail on the head with the following quotation:
“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, ArtAML CEO & Co-Founder
The reality is that most Art Market Participant businesses will not have a compliance department, and rather than introduce a tick-boxing exercise, we’ve built a platform that not only walks users through the process but prompts essential thinking. For example, should someone decide to not check a buyer against PEP (politially exposed person) or Sanctions databases, the platform prompts you to explain why this is not necessary.
It’s important to remember that however much fact-finding technology might do for you, and regardless of photo ID verification being a better judge of validity than the human eye, it is the legal responsibility of the Art Market Participant to decide whether or not to proceed. Thanks to ArtAML, red flags will be raised for you, screenings are run in seconds and the entirety of findings and documents are securely stored in a GDPR compliant manner.
See the full piece published on 29th June 2020 by Naomi Rae: https://news.artnet.com/art-world/art-dealers-congress-new-restrictions-1701399 .