App ArtAML is intended to facilitate and expedite the registration of the transaction in the face of new restrictions under the law on combating money laundering

In a time when digital technology has infiltrated seems to be in all spheres of the art world, finally came the turn of registration of transactions with objects of art and collectibles. Or even — to the potential buyer and verify his personal and financial information.

Such a check recently requires Fifth EU Directive on combating money laundering, which entered into force in the UK earlier this year, before the onset of the "Breccia". According to her, when making any transaction amount above €10 million (£8.5 million / $11 million), the seller is obliged to collect and, if necessary, to provide the state information about the buyer, including the financial, public and legal status, sources of income, relationships (personal or financial) with individuals or legal entities under sanctions or under investigation, etc. if the dealer notifies the authorities about the client, information about which can be interpreted as suspicious, it can be punished, including prison.

the Application ArtAML, the development of which specialists in the creation of digital solutions for art-институций Susan Mumford and Chris king worked with 2018, should deliver representatives of galleries and auction houses from additional work on the data validation. Following a series of simple step-by-step instructions, application users can enter the required customer information, including ID with photo and well-known addresses, and to assess the risk of the transaction.

the App allows you to scan customer names across multiple databases simultaneously, including to check whether the client is politically exposed person, whether under any-либо sanctions and whether the place of origin and residence country of high risk. Search capabilities of the app can also help sellers of art to validate and verify the provenance of works when selling on the secondary market. It is expected that the application appears in the access to the beginning of the autumn art-сезона, and on 3 July the app will be available for testing in beta-версии.

the App will be available for galleries and other participants of the art-рынка by subscription, with a choice of several tariffs, depending on how many accounts the user needs and how many inspections it will conduct in the month. According to available information, the minimum price for the subscription will be about £100 ($123) per month.

the Material was prepared by Maria Kuznetsova, AI

Source: news.artnet.com