Uniting art market + technology know-how to serve your compliance needs

Uniting art market + technology know-how to serve your compliance needs

Uniting art market + technology know-how to serve your compliance needs

Uniting art market + technology know-how to serve your compliance needs

Uniting art market + technology know-how to serve your compliance needs

Our technology solution performs hours of work in minutes.

How can you fulfil anti-money laundering checks without losing sales? The answer: technology designed for the specific needs of Art Market Participants.

Our technology solution is based on existing AML legislation, and is focused on providing dealers – who are not AML experts, the ability to fully comply with the UK Money Laundering Regulations (and broadly the EU Fifth Money Laundering Directive) while continuing to transact.

How does the solution look? 

In the pandemic and post pandemic world, we’ve prioritised remote transactions. This means that our beta and first release is run from any browser, whether that’s enabled on a desktop, laptop or tablet. This flexibility is key for supporting the industry with AML obligations during the current period.

What does the software check? 

This alleviates the need to go to external sites to conduct checks, download certificates and upload into a GDPR compliant system; the ArtAML platform walks you through the process according to the UK Money Laundering Regulations (broadly according to the Fifth Anti-Money Laundering Directive of the EU). The vast majority of transactions will be smooth-sailing with AML checks processed in a matter of minutes. In situations where additional investigation is required (for example a buyer is identified as a Politically Exposed Person a.k.a. PEP, in which a Source of Wealth check is required), a ‘red flag’ will be raised- and for businesses with more than one user, an assignment to resolve such red flags will be passed to the Nominated Officer, a.k.a. NO (also known as Money Laundering Reporting Officer, a.k.a., MLRO).

What types of buyers can typically be fully checked in a matter of minutes? 

The first release enables checks on buyers who are individuals and companies. Any documentation from additional investigation or the translation of documents can be uploaded into the ArtAML platform, in association with the transaction. Having records in one secure location, including provenance for secondary transactions, will be of great benefit in the case of investigations by HMRC, Supervisory Body, particularly when important details have been forgotten or members of staff who have overseen AML have left the business.

You’ll be able to upload documents from AML checks that have been conducted prior to registering with ArtAML.

How about buying face to face vs. remotely (including online)? 

We have you covered whether you’re in person or transacting thousands of miles apart. The legislation has accounted for electronic identification, which means that our platform can support checks regardless of the location of your collector/s.