ArtAML is teaming up with Yoti in an effort to comply with new anti-money laundering (AML) regulations in the world of fine art. The new laws were passed in early 2020, and apply to art deals valued at more than €10,000, regardless of the payment method.
As it relates to Yoti, the law is noteworthy because it requires an identity check for anyone engaged in one of those lucrative art transactions. ArtAML was created to help art dealers meet those obligations, especially in cases in which neither the buyer nor the seller are physically present for the purchase, as is the case in many art deals on platforms like Instagram.
Yoti will help support that process, providing ArtAML with digital identity verification technology that will make sure that each party to a sale is in fact the person they claim to be. The company’s solution has already been integrated into the ArtAML platform.
“Partnering with Yoti has enabled us to provide reassurance to our customers when it comes to verifying a buyer’s identity,” said ArtAML Co-Founder and CEO Susan J. Mumford. “Digital ID verification, accompanied by liveness and face match checks when applicable, supports users to take a risk-based approach on a case-by-case basis.”
“The application of their product will serve the industry well and ensure that criminals who continue to use works of art as assets to launder criminal money are ring-fenced out,” added Yoti Financial Services Commercial Director Gareth Narinesingh.
This is not the first time that Yoti’s platform has been used to facilitate large transactions, since the technology was integral to the UK’s first blockchain-based real estate sale. Yoti has also provided age verification for online transactions with lower stakes. For example, Yoti previously partnered with Jägermeister to enable the online (and legal) sale of alcohol.