Bank De-risking

Has your bank been in touch to review your AML compliance program? We can support you to help keep your bank account open.

Many banks have determined that art businesses are high-risk clients. Unless they are satisfied that you have a robust AML compliance program in place, they will either shut your existing account or not allow you to open a new one. This has been evident in the UK for the past several years and became a reality with some banks in the U.S. starting around 2023.

They will expect you to have in place: 1) AMP registration if you are a UK or EU business whose jurisdiction requires being registered with the supervisory body; 2) AML Risk Assessment and Policy; 3) AML Training; and 4) Customer Due Diligence.

To date, we have had 100% success supporting art businesses in keeping bank accounts open and opening new ones. Beware, though: simply signing up for our services is not sufficient. Based on our knowledge of UK bank interventions, the financial institution will, in time, check back for evidence of AML compliance implementation, including areas listed in the above paragraph.

This service is available to businesses who are signed up for our wider AML compliance program.

This service includes: 

  • A review of what the bank has requested. 
  • After the business has drafted answers, we will have a call with you to review your answers, edit as necessary and answer any outstanding questions (typically between 30 mins – 1 hour). 
  • Based on the bank’s requirements and what you have in place, we will discuss and confirm with you next steps to implement what is required. 
  • You will have the option to send us a draft of your final email and answers for review. 
  • If the bank has further questions to answer, we will provide assistance as above.

Price:
Fee per bank de-risking attempt £250 / $350 USD
Cover with a subscription to ArtAML™ Protection at £17.50 /  $22 USD per mo.

Get in touch with our Support Team to find out more and proceed with Intervention Support or ArtAML™ Protection.

AML Training
ArtAML Training
ArtAML Training

ArtAML™ training on-demand was extremely helpful and informative. The structure of the course works very well when trying to fit it into a work day, allowing you to pause and return to each section when you have time. It was presented clearly and used very helpful ‘real world’ examples to put certain regulations into context. I would certainly recommend this training course to other galleries.

Katie Burness
Director of Communications and PR
Cadogan Contemporary

Sign up to ArtAML™

Find peace of mind knowing your AML compliance is in check

Get started
Contact our team