AML Risk Assessment and Policy

Did you know having these documents in place is a legal requirement?

Find peace of mind with our comprehensive AML risk assessment and corresponding policy. We simplify your AML Policy so you can concentrate on your business’ bigger picture.

Not only is it a smart idea to put these documents in place, for art businesses regulated for AML compliance it is a requirement under law, and one of the seven steps to becoming AML compliant.

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Economic crimes in the art market?

The AML Risk Assessment identifies how your art business might be targeted by economic crime—namely, money laundering, terrorist financing and proliferation financing.

The resulting Risk Rating for your business is based upon objective methodology and covers the following five areas of risk:

Customers
Geography
Products or Services
Transactions
and Delivery Channels

Helping your art business to mitigate risk

Our AML Policy outlines how your business is mitigating identified risks, making use of the ArtAML™ platform to take a risk-based approach. The Policy, with its controls and procedures, outlines the steps to take in order to mitigate the risks identified in the Risk Assessment.

AML Risk Assessment + Policy

£595 /year

equivalent to £49.59 /month

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Our AML Risk Assessment Report includes:

AML Risk Assessment and Risk Rating: to be made available to senior management
AML Policy: to be made available to every team member, including customer-facing contractors
Detailed documentation on how to perform Customer Due Diligence
An Suspicious Activity Report (“SAR”) reporting template and guidance
Glossary with acronyms and their corresponding meanings
Appendices that include references, links for guidance, reporting and more

The AML Risk Assessment and Policy product is only available to businesses, wherever they are based, who are already signed up for our wider AML compliance program with a CDD Lite, CDD Trade, CDD Plus or CDD Team subscription plan. Having a CDD subscription is important, as the mitigations outlined in the policy are predicated on using ArtAML™ for the conducting of Customer Due Diligence. You will also be able to access our Risk Assessment module and download the full AML Risk Assessment Report from your dashboard on the ArtAML™ platform.

Add AML Risk Assessment and Policy when you purchase your CDD subscription, or get in touch with our Support Team if you’re already on a plan and wish to add AML Risk Assessment and Policy.

Seven steps to be AML compliant

In order to be approved as an Art Market Participant (“AMP”)in the UK—with equivalent guidance in other EU member states—it’s important that you:

Supervision

For jurisdictions where applicable (such as the UK), be registered for supervision as an Art Market Participant with the Regulator.

Nominated Officer

Appoint a Nominated Officer.

AML Risk Assessment & Policy

Have a business-wide AML Risk Assessment & Policy.

AML Training

Take, and keep up to date, AML Training to understand what you need to have in place and do to be compliant.

Customer Due Diligence

Conduct Customer Due Diligence (“CDD”) for qualifying transactions, also known as ‘relevant activity’.

Retain records

Retain records associated with CDD for a period of five years (using GDPR compliant storage for personal data).

Report suspicious activity

If any ‘suspicious activity’ is detected, regardless of value or a transaction proceeding, submit a Suspicious Activity Report (“SAR”) to the Financial Intelligence Unit (“FIU”) for your jurisdiction.