ArtAML application is designed to facilitate and accelerate the processing of transactions in the face of new restrictions. Nowadays, when digital technologies have penetrated, it seems, into all spheres of the art world, the turn has finally reached the stage of processing transactions with objects of art and collecting. Or, even to a potential buyer and verification of his personal and financial information.
Such verification has recently been required by the Fifth EU Anti-Money Laundering Directive, which entered into force in the UK earlier this year, before the onset of Brexit.
According to it, when making any transaction, the amount of which is higher than € 10 thousand (£ 8.5 thousand / $ 11 thousand), the seller is obliged to collect and, if necessary, provide the state with information about the buyer, including his financial, public, and legal status, sources of income, connections (personal or financial) with individuals or legal entities under sanctions or under investigation, etc. If the dealer does not inform the authorities about the client, information about which can be interpreted as suspicious, he may be punished, up to prison.
The development of the ArtAML application was done by specialists in the creation of digital solutions for art institutions, Susan Mumford and Chris King, since 2018. Following a series of simple step-by-step instructions, users of the application can enter the necessary information about customers, including photo ID and known addresses, and assess the risk of the transaction. The application allows you to scan customer names on several databases at the same time, including checking whether the client is a politically significant person, whether he is under any sanctions and whether his place of origin and residence is a high-risk country. The app’s search capabilities can also help art sellers verify and confirm the provenance of works on sale in the secondary market. The application will be available before the start of the autumn art season. From July 3, it will be available for testing in beta.
The application will be available to galleries and other participants of the art market by subscription, with the option of choosing several tariffs, depending on how many accounts the user needs and how many checks he will carry out per month.