Forensic & AML services for Art Market professionals
Understanding the global art market and its needs against financial crime
Forensic & anti-money laundering procedures are increasingly becoming essential to keep your art market business safe.
The art market presents a significant target for financial crime. Artworks are high value goods that can be readily transported, and are traded in a market defined by discretion where protecting client privacy is paramount. For these reasons, both fraudulent and money laundering activities can become an issue in the art world.
Take, for example, a recent case at a major auction house in Paris that sold a painting without verifying its origin, nor establishing the identity of the vendor, thus exposing the firm to money laundering and resulting in a suspension of one of its auctioneers. This brought to light the need for performing regular due diligence checks on vendors, purchasers and to whatever extent possible, the art piece itself, as one of the necessary safeguards against financial crime.
“Knowing Your Counterparts” does not consist in merely collecting ID documents but calls for actual understanding of the counterparts’ background and their source of wealth.
Deloitte Luxembourg offers a range of services for Art Market professionals in the areas of Anti Money Laundering (AML), Forensic, Fraud and Investigations and Business Intelligence.
Deloitte Art & Finance International conferences
The Deloitte Art & Finance conference brings together international experts and local players to discuss issues and share their visions .