SAR Submission

Have you determined that a customer is displaying suspicious activity? You have a legal obligation to submit a Suspicious Activity Report – and quickly at that. 

The whole point of the art market being regulated for AML compliance is to report suspicious activity when you determine that it is present. The provision of information you supply from the frontline enables specialists to review and take action. Often times, it is the result of multiple regulated businesses, from multiple sectors, submitting SARs on the same person to result in authorities detecting that the associated individual is involved with economic crime. 

This service is presently available to UK businesses who have been using our CDD solution for a minimum of six months. If your business is based in another jurisdiction and is using our CDD solution, we will be glad to provide pro-bono support as was initially done in the UK.

This service includes: 

• An initial call to discuss the scenario to help you understand where to make a report and how to handle any current transactional scenario. For example if submitting a DAML SAR for a live transaction, we will troubleshoot how you delay the transaction without making the customer suspicious. 
• After you’ve prepared a draft of the SAR, we will review it. That will be followed by a call to review and confirm what you will include in the SAR. 
• Once you’ve an opportunity to make any further updates, a separate call will be arranged to walk through the SAR submission process. 
• N.B.: these two calls might be combined into one, depending upon how many further edits are needed. 
• We will confirm requirements, for example how long to hold records of the SAR – and how to keep that compliant with surrounding laws (data + not tipping-off).

Price:
Fee per SAR submission £350
Cover with a subscription to ArtAML™ Protection at £17.50 / mo.

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