The Commission Nationale des Sanctions (CNS) continues to play a central role in regulating the activities of art market professionals in France. Whether you are a gallery owner, auctioneer or antique dealer, you are subject to strict obligations to combat money laundering and the financing of terrorism (LCB/FT). These obligations include verifying customer identity, reporting suspicious transactions, and implementing internal compliance procedures.
In the event of non-compliance, the CNS has the power to impose sanctions, ranging from warnings to substantial fines.
New Art Market Professional Sanctioned:
Recently, an art market professional was severely sanctioned by the CNS for failing to comply with its AML/CFT obligations. The auction house was fined heavily for failing to put in place the necessary measures to verify the identity of its customers during high-value art transactions. This negligence was seen as a serious breach of legal obligations, potentially exposing the art market to money laundering risks.
The CNS pointed out that, despite previous warnings, this professional had still not put in place the controls required to identify the beneficial owners of transactions. In a way, this sanction is a warning to all art market professionals.
Keep abreast of sanctions!
For you, art market professionals, it is essential to stay informed of the sanctions pronounced by the CNS. By being aware of decisions taken against other players in the sector, you can better understand compliance expectations and adapt your practices to avoid similar sanctions. Keeping up to date also enables you to assess the risks involved and implement the necessary internal procedures to comply with legal requirements.
To find out more...
To give you a better understanding of the legal sanctions and obligations imposed on art market professionals, we have written a detailed article on legal sanctions and obligations. This comprehensive guide provides an overview of potential sanctions and best practices for complying with current standards.
Don't hesitate to contact us if you have any questions - we're here to help!