Note: All art dealers will need to comply with Money Laundering Directive #5 by January 2020. Each client purchasing artwork over EUR 10,000 will need to be Risk-scored and be checked against “PEP, Sanctions and Special Interest Person” databases, together called AML checks. These checks need to be recorded and evidenced in the case of an audit.
Overview
From January 2020 Art Dealers will have to comply with Anti Money Laundering (AML) regulation.
We will provide a simple online portal for your Compliance workflow saving you time, money and giving you more control so that you can focus on running your art business, rather than doing admin.
Easy online compliance
The platform automates your compulsory Compliance Risk Scoring and AML checking of every client in real-time, ensuring that your Gallery’s compliance is not a nuisance burden.
Our compliance partners can assist with developing your Compliance Policy, Risk Model and online training to ensure your Gallery is ready for January 2020.
Why we are better than other platforms
- It automates your compliance
- Instant Risk Score and AML check Pass/Fail
- Saves you money and time on compliance
- Regulated businesses use our platform
- Offers other valuable services
Value-adding services
Furthermore, our platform has integrated payments accounts and currency management:
- Ensure your incoming wire payments are compliant
- Receive wholesale currency rates compared to banks and brokers
- Speak to your dedicated account manager about reducing losses due to currency risks
- Make payments
Conclusion
Get ready for the January 2020 government deadline by preparing to meet your obligations. Consider your options, and remember that you need to have recorded evidence of conducting a risk assessment and compliance checks on your customers from January 2020 forward.
Give us a call to discuss your options and sign up for an easy online portal that simplifies your compliance, record keeping, and reduces your transactional costs.