Fast and effective customer screening for Art and Antique Dealers
Why AML screening matters to Art and Antique Dealers
Offences in relation to money laundering have applied to Art & Antiques Dealers for many years under the Proceeds of Crime Act 2002 (POCA).
Since 10 January 2020 Art & Antiques Dealers who deal in sales, purchases and/or storage of works of art with a value of 10,000 euros or more, have been subject to anti money-laundering obligations.
These are set out by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (and any subsequent amendments).
Furthermore, the Proceeds of Crime Act 2002 (POCA) and the Terrorism Act 2000 (TACT) require that any suspicious activity is reported to the National Crime Agency.
Art & Antiques Dealers may have to register with HMRC if the business is either:
- Acting as an intermediary or trades in the sale or purchase of works of art where the value of the transaction (or a series of linked transactions) is 10,000 euros or more
- The operator of a freeport when it stores works of art in the freeport where the value for a person (or a series of linked persons) is 10,000 euros or more
In which case, Art & Antiques Dealers must obtain authorisation from HMRC and then implement the appropriate client due diligence (CDD) in order to fully comply with the regulations.
Common risks faced by Art and Antique Dealers
When buying or selling there is a risk of facilitating the sale of a work of art which is stolen, looted or purchased with the proceeds of crimes
These crimes can involve tax evasion, fraud, forgery, bribery/corruption, illegal trade in stolen goods, insider trading, market abuse, and drug trafficking.
The facilitation of transactions for criminals hiding behind complex company structures involving multiple countries and bank accounts to disguise the real purpose of a transaction and hide its beneficial ownership.
The facilitation of transactions that could be used to fund terrorist activities.
Accelerating compliance for Art and Antique Dealers
RiskScreen is simple and intuitive to use – speeding up your processes, reassuring your auditors, and improving satisfaction of staff and customers alike.
An AML solution designed for Art and Antique Dealers
See RiskScreen Core
See how easy it is to use RiskScreen Core – from conducting initial AML screening and adverse media searches, through to production of the final report. Ease of use means happier staff, and it’s one of the reasons our customers love us.
Scroll down to see our simple pricing plans. We charge by searches and not seats, so once you have chosen a plan and puchased credits with a credit or debit card, you’re up and running and ready to go!
All types! Our intuitive interface and entry-level pricing means it’s the logical decision for smaller or transaction-based businesses such as or estate agencies. But we have many large enterprise customers who use RiskScreen Core alongside our RiskScreen Batch product to ascertain the risk levels of their prospects at onboarding stage, and then to monitor this risk level on an ongoing basis. To get a demo of how the two might work together, please contact us.
No! In a recent survey conducted by RiskScreen, over 65% of respondents in the banking industry said they still use Google or other search engines for their unstructured adverse media searches. They may sometimes get the right results, but it’s neither consistent nor comprehensive (unless you have the time to trawl through thousands of pages of results). RiskScreen’s adverse media tools connect directly to several major search tools and apply a proprietary combination of sensitive terms to ensure key results are returned. These results are then deduplicated, ranked and presented back to the user in a digestible format – to maximise the chance of unearthing relevant insight on your subject, and to make the process of acting on it as easy as possible.
Yes! You should expect to conduct enhanced due diligence (EDD) when you find a customer or prospect has come back as high risk. RiskScreen Core allows you to conduct ‘Pro’ searches on higher-risk individuals, which include deeper web searches into content sets such as the Panama Papers or FinCen files. Your searches are consistent, scalable and fully auditable – so your team will always get credit for the work they’ve done.
Once you have an account setup with RiskScreen Core, you will be able to login and top-up your search credits.