Spring 2024

Arcarta: The changing landscape of AML in the art world and the NCA Amber Alert

Nicole Thiriez, business development lead of Arcarta, and Martin Schofield, an AML & Compliance Expert, joined to discuss the National Crime Agency’s Amber Alert for the Art Market. The National Crime Agency, or NCA, is the United Kingdom’s  Financial Intelligence Unit, dedicated to collecting suspicious activity reports and disseminating them to various law enforcing agencies. Concerns the document identified in the art market include information and intelligence from individuals outside of the UK purchasing art, the transparency needed when selling to mitigate the chances of money laundering.  The pair discussed where the Gallery’s responsibility stops, does the gallery know about the storage unit, is it a responsible one; and the risk assessments needed.  Schofield recommended that art market participants request more information concerning where the art is being stored, and to inquire about the connection between the buyer and the destination address. He remarked that this is especially important since artwork is movable, it becomes more of a transportable currency. The discussion can be found here.