• Key facts about LCB-FT

  On the recommendation of the FATF (Financial Action Task Force), the European Union has adopted Directives to implement harmonized measures to combat money laundering and the financing of terrorism within the Union, the first of which dates back to June 1991. ​ The Directives now require you, players in the art and luxury goods market, to put in placeFew readers

• Training in AML/CFT

  In order to begin the compliance process, you need to be aware of the AML/CFT requirements. (https://eunomart.intercom-attachments-1.com/i/o/1123028065/9adeb46c6ccf695bb0cb0395/eedd33139e2a2760534355a5e3d944bdc47a32~mv2.jpg?expires=1772555400&signature=10295efe82b6c8cfba9c68bd4dd87490cdaf1ed209d879f9e03c2208b535b5bc&req=dSElFcl8lYFZXPMW1HO4zR4Lpcm8EJ6itHw02S9FJAEclaFew readers

• What are the penalties?

  The Commission Nationale des Sanctions (National Sanctions Commission ) is responsible for dealing with any breaches of the law observed by customs services during inspections, and imposes the sanctions provided for in the Monetary and Financial Code. ​Few readers

• Who is concerned by AML/CFT?

  You are auctioneers: LCB-FT concerns you directly, and did so even before this latest European Directive of 2020. You are at the heart of economic transactions which, sometimes, even often, have high added value and which today may represent a risk of money laundering or terrorist financing. ​ You are a gallery owner or an antique dealer: your art market sector has been identified since the 2001 European LCB-FT Directive (%E2%80%9Chttps://www.eunomart.com/post/ce-qu-il-faut-rFew readers

• What is a politically exposed person?

  As part of the fight against money laundering, art market players need to consider the notion of politically exposed persons (PEPs). ​ Transactions carried out with the assistance of such persons call for particular vigilance, as the risk of money laundering is considered higher due to their exposure to corruption. ​ According to the offiFew readers

• Who are the major players in the AML system in the art market?

  Combating money laundering and terrorist financing operations means participating in a system for gathering information to detect risks and fraudulent behavior. ​ To achieve this, the Financial Action Task Force (FATF) has drawn up forty recommendations, which member states have undertaken to comply with. ​ The European Union then introduced European directives to transform these recommendations into European standards. Among the most recent, the 5th DirectFew readers

• The challenge of suspicious transaction reporting in the fight against money laundering

  This measure, designed to identify and prevent money laundering, can sometimes pose tricky problems for industry professionals and private individuals alike. Indeed, despite its noble objective, the declaration of suspicion sometimes comes up against a complex socio-cultural reality. An apt parallel can be drawn with the French cultural reluctance to denounce one's neighbor, which, to a certain extent, lies at the heart of the problem. ​ In France, there is a deep reluctance to interfere in oFew readers

• What is the national frozen assets register?

  As an art dealer, you are prohibited from carrying out any transaction with any person or entity on the national asset freeze register. As its name suggests, the purpose of the asset freeze procedure is to prevent the provision of financial resources to a person under international sanctions. The issue of asset freezing must therefore be an integral part of your risk analysis process. ​ Over the past year, the national asset freeze (%E2%80%9Chttps://gels-avoirs.dgtresor.gouv.fr/List%E2%8Few readers