AML screening for art market participants.
Know the buyer, and the seller. Firms that trade in or act as intermediaries in the sale of works of art, where a transaction or linked transactions reach €10,000 or more, are art market participants and must register with HMRC. Galleries, dealers, auction houses and art storage businesses in freeports can all be in scope.
Supervisor
HMRC.
Who you’ll screen
- Buyers
- Sellers and consignors
- Agents acting for a principal, and the principal
- Companies and trusts, and the people behind them
The risks
What supervisors look for in your sector.
Opaque ownership
Works change hands through agents, companies and trusts. The person paying is not always the person buying.
Portable value
High value in a small object makes art attractive for moving wealth across borders.
Sanctions exposure
Sanctioned people have held art through intermediaries. Screening the principal, not just the agent, matters.
How FirmScreen fits
The screening part of your procedures, done and recorded.
Screening against the UK, UN, OFAC and EU sanctions lists, PEP data and HMRC’s deliberate tax defaulters, in one search. Everything FirmScreen does
- 01Add directors, shareholders and beneficial owners to a company client; each is screened and monitored, and counts in the risk rating.
- 02PEP relationships recorded with senior management approval and source of wealth and funds.
- 03Every client re-screened daily by default, so a designation after onboarding opens a case the next morning.
- 04A fingerprinted evidence pack per client, ready for an inspection visit or file review.
Both. Add the principal as the customer and the agent as a related party; each is screened and recorded.
No. FirmScreen screens people and companies. Provenance and title checks need their own sources.