AML and forensics services for art market professionals - 29/10/2012DOWNLOAD
In order to support art market professionals in establishing and implementing appropriate measures to avoid falling into the potential threats, Deloitte Luxembourg has launched a new service offer focusing on anti-money laundering, fraud and investigations and business intelligence in the art market.
A recent case at a major auction house which sold a painting with neither verifying its origin, nor establishing the identity of the vendor and exposed the firm to money laundering, resulted in a suspension of one of its auctioneers.
This clearly confirms the need of art market professionals who have increasing business pressure from financial sector proximity and a legal obligation, depending on their jurisdiction, as retailers of high value goods to undertake protective measures against money laundering and terrorist financing.
Adriano Picinati di Torcello, directeur at Deloitte Luxembourg in charge of ‘Art & Finance’ services, commented: “Several such cases have illustrated that the art market pushes towards more transparency and even potential need for regulation. The expansion of the art market to new territories and new e-initiatives, such as online trading platforms, might lead to new risks of potential frauds. In this context, we have launched a specific service offer to help art professionals develop adequate processes.”
More information on the new services is available on the Deloitte Luxembourg website at http://www.deloitte.com/lu/artandfinance/forensic-aml-services.