To begin the compliance process, you need to be aware of the AML requirements.
There are three options available to you.
The first option, as head of the establishment, is to apply all the anti-money laundering regulations yourself. In this case, you will need to ensure :
- Legal training, which will include reading and applying the Monetary and Financial Code, the legislative texts relating to the Fifth Directive, the Customs guidelines and the TRACFIN reports, i.e. more than 6,600 pages of text.
- Application in the field, i.e. the implementation of internal processes, such as risk mapping and the creation of a risk analysis process. These analyses relate to objects, customers and transactions, and should enable high-risk operations to be detected. The ultimate goal is to put in place the right reaction should the need arise: reporting suspicions.
The second option is to use an external service provider, such as a specialist lawyer or compliance expert. The AML/CFT training will then be less, as you will be delegating a large part of the compliance process. All you have to do is learn the ins and outs of the fight against money laundering, apply the processes proposed by the professional and report your suspicions to TRACFIN.
The last option is ours. By adopting the Eunomart solution, you will have access to the expertise of a lawyer who is an expert in the fight against money laundering and the art market, at an affordable price. Eunomart automates your due diligence procedures and provides educational content throughout your use of the tool. A real team is ready to support you in your compliance process and its daily application.
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