Achieve optimal financial crime compliance performance with maximum efficiency
The art market is particularly vulnerable to money laundering. 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 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 (irrespective of Brexit) extends responsibilities beyond currently regulated high-value payments in cash, to include any form of transaction over €10,000.
To avoid their falling foul of the Proceeds of Crime Act 202, RiskScreen helps gallery owners, dealers, auction houses, agents and collectors to efficiently and effectively demonstrate that they have carried out the appropriate checks.