Tackling money laundering in the art world

In early 2020 new regulations were introduced to help prevent money laundering and terrorist financing through the art market.

The anti-money laundering legislation impacts high value transactions (or a series of linked transactions) of €10K+ made with any type of payment. Amongst other things, this requires art market participants to conduct identity checks, verifying that buyers and intermediaries involved in the sale of an artwork are who they say they are. 

 

ArtAML

ArtAML is uniting art and technology to keep the sale of artwork in compliance with the new regulations. Their intuitive platform helps art market participants meet their obligations, including customer due diligence, anti-money laundering checks and record keeping. 

 

Putting a face to a name in the art world

As CEO Susan J Mumford explains, “Galleries and art advisors alike regularly transact with collectors who are ‘not present’ (think: sales from Instagram). Partnering with Yoti has enabled us to provide reassurance to our customers when it comes to verifying a buyer’s identity. Digital ID verification, accompanied by liveness and face match checks when applicable, supports users to take a risk-based approach on a case-by-case basis. “

Gareth Narinesingh, our Commercial Director for Financial Services, told us, “When I initially heard about ArtAML and what they were trying to achieve I felt they were tackling a problem that might be too difficult to solve. However, the product is pioneering and specifically tailored to address the challenges that art market participants face in evidencing that they are complying with money laundering regulations.”

“Susan and Chris are experts in their respective fields and the application of their sophisticated and easy-to-use tech product will serve the industry well and ensure that criminals who continue to use works of art as assets to launder criminal money through, are ring-fenced out.”

 

Seamless anti-money laundering checks

Dr. Chris King, CTO of ArtAML, was as impressed with our technology as we were with theirs. “Integration with Yoti’s platform was straightforward. They have good APIs, their documentation is excellent, and their technical support is timely and knowledgeable.”

We’re excited to help ArtAML prevent money laundering by providing secure identity checks for art market participants through their platform.

If you’re interested in powering your platform with secure identity verification, please get in touch.