This [the fifth EU AML Directive] is going to incur a seismic shift for the art market and the way it does business.
Susan J. Mumford
ArtAML Chief Executive
The Art Newspaper, October 10, 2019
Our journey to launching ArtAML
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 trying to prevent the industry being a target of criminal activity. In a matter of days, she and her Co-Founder / CTO Dr. Chris King, a technologist, were working on a solution that started being used by Art Market Participants in summer 2020.
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 continue to meet HMRC on a regular basis and discuss numerous issues around the topic of art.
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 transactional marketplace platforms and fellow technology providers for the art market.
From beta to the Founding Members program.
Our beta program ran from July – December 2020 and was invaluable for the development of a platform that serves user needs. The platform is now live and we’ve launched the Founding Member program which runs for a six-month period. To access an exclusive joining rate that provides you ongoing early access to new features and gives your features requests priority, submit an Expression of Interest.