Under MLD 5 art galleries, art dealers and auction houses, where the value of the transaction or a series of linked transactions amounts to EUR 10,000 or more must have this in place.
Internal policies, controls and procedures, including, but not limited to:
- Appoint a Nominated Compliance Officer
- Register with HMRC
- Implement ML risk management practices
- Report suspicious activity to the NCA
- Keep records
- Internal money-laundering controls
- Employee training
- and employee screening
Conduct customer Due Diligence and transaction monitoring, that includes:
- Identification and verification of customers’ identity
- Screening for Politically Exposed Persons/Entities, Special Interest Persons/Entities and Sanctioned individuals and organisations
- Obtain proof of the source of wealth
- and more …
What we as Art Compliance specialists will do for you?
Art Gallery and Dealer Compliance team will take care of all your day-to-day compliance requirements leaving you focused on the Big Picture.
1. AML Policy & training
We will help you put a policy in place that will be relevant to your business and easily understood by your employees. We will also provide access to online training for your employees, to ensure your business is not at risk on a day-to-day basis.
2. Risk Scoring model
We will develop a Risk Scoring model that will be automated within our platform, meaning that you will receive a simple answer Low, Medium or High, and tips on what to do next when you enter new customer details.
Quickly and security add new client records online and on the go. Receive instant compliance response Pass, Fail or Review.
Add customer information and know instantly if you need to request further information to protect your business from Compliance Risks.
Instant screening means you know straight-away if your customers pose Anti Money Laundering compliance risk, and what you need to do.
We provide you with a Money Laundering Reporting officer, so you don’t need to hire one.
Contact to find out how compliance obligations can be easily and cost-effectively satisfied, without putting your business at risk