Our solutions for those who sell art and antiques

KYC/AML screening and in-life monitoring of your client base

Connoisseurs and collectors may not view fine artwork as commodities but that is frequently how they are perceived by illegitimate investors and businesses. Items can be bought with cash, readily transported and the proceeds of a sale can then enter the banking system, so appearing legitimate.

Lack of provenance in the art world is not uncommon and artwork can change hands behind the closed doors of freeports. In 2017, investigations by the Wall Street Journal revealed how ISIS was transforming cultural antiquities into hard cash through a circuitous route through middlemen and shady deals. In the end the paper found that the president of the retail giant Hobby Lobby was unknowingly purchasing Iraqi artifacts for the Museum of the Bible.  In addition, values of contemporary abstract art can be manipulated to suit the funds in need of laundering.

The drafting of the EU’s Fifth Money Laundering Directive (5MLD) into UK legislation extends responsibilities beyond currently regulated high-value payments in cash, to include any form of transaction over €10,000.

The UK’s new AML regulations are now in force, and although the UK Treasury has confirmed that artists themselves are not classified as “Art Market Participants”, all other art businesses must register for AML supervision or risk prosecution.

To avoid their falling foul of the Proceeds of Crime Act 2002, RiskScreen helps gallery owners, dealers, auction houses, agents and collectors to efficiently and effectively demonstrate that they have carried out the appropriate checks.

RiskScreen is partnered with the Society of London Art Dealers, which represents fine art dealers throughout the UK. RiskScreen has demonstrable experience in setting up and implementing anti-money laundering compliance and training in this sector. Get in touch and our experts can advise you putting in place the right procedures to protect your business.

RiskScreen is proud to be a service provider to The Society of London Art Dealers, the principal trade association in the UK for dealers in fine art.

The RiskScreen ecosystem

The RiskScreen AML platform provides an end-to-end solution for your management and protection against financial crime. Choose single or multiple modules, as your organisation requires.

Save weeks of work by conducting digital identity verification of individuals, as well as full KYC and KYB screening checks through your dedicated web portal and mobile app.

The risk levels you decided at onboarding can then carry through to your ongoing screening and monitoring.

AML screening against sanctions, PEP and watch list data – as well as adverse media – to establish your customer’s risk level.

Screen as a one-off at point of sale or pre-onboarding, then follow this up with ongoing scheduled batch screening across your customer base – so you’re alerted about changes, and can be confident in your exposure.

Revolutionise your decision making with RiskScreen’s in-life monitoring modules.

Turn your existing static and dynamic customer information into hot data for real-time risk analytics and reporting with our truly transformational approach to data and risk management.

Find out why RiskScreen is the smarter way to combat money laundering

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Resources

The latest news, commentary and events from RiskScreen. For industry insight, visit our AML insight hub, KYC360.

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Company

RiskScreen was founded by experts in financial crime. It’s because of this unrivalled subject matter expertise that companies choose to partner with us.