Support in bank transactions

Services

Support in bank transactions

Banks scrutinize every art purchase and sale transaction by not only looking at the documents, but also all the parties involved as well as the artwork’s provenance.

From the banks’ perspective, the art market is highly susceptible to money laundering. Banks analyze every payment from every angle to make sure that all the parties and the artwork itself comply with the AML legislation.

This often results in longer transaction times, rejected transactions or blocked payments if the bank classifies the transaction as suspicious.

Banks representing art sellers and buyers must understand all the nuances of such transactions, including:

  • The artwork’s provenance and the legitimacy of the seller’s funds used to buy it;
  • The buyer’s identity and source of funds;
  • The seller's identity;
  • The rationale behind the artwork’s valuation;
  • Jurisdictions to be involved in the sale;
  • Jurisdictions where the seller and the buyer are located;
  • Detailed information on all other parties; and
  • Any other information that banks might find significant for transaction approval purposes.

How we can help:

Our team will review the potential transaction for compliance with the relevant AML standards. Based on our experience, we will outline possible risks and questions that banks might ask.

We can also help you prepare documentation for the bank.

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Key contacts

Svetlana Meyer

Svetlana Meyer

Managing Partner, Tax & Legal

Svetlana is the Managing Partner at Deloitte CIS Tax & Legal and the leader of the Private Client Services practice. Svetlana’s team offers a full range of services, including the preparation of perso... More

Svetlana Borisova

Svetlana Borisova

Partner, Business Process Solutions

Svetlana is the Deloitte Private Leader. She has extensive experience in implementing complex projects for private companies and family offices. Svetlana has over 17 years of accounting and tax experi... More

Leonid Pechernikov

Leonid Pechernikov

Director, Private Client Services

Leonid is a Director in the Private Client Services group within the Tax & Legal department of Deloitte CIS. Leonid’s expertise covers such areas as development and implementation of equity-based long... More