In order to ensure a high level of legal monitoring and compliance, the wisest choice for Eunomart was to team up with Solène Clément to oversee the development of the software we are offering today... President and founder of theObservatoire de la lutte anti blanchiment et contre le financement du terrorisme (OLAB) and Vice President of the Advisory Board of CARPA Paris, Solène is the benchmark in terms of LCB-FT applied to the art market. Since 2017, she has also provided support to the various art market trade unions.
Can you give us a quick briefing on LCB-FT?
Solène Clément:
The various European directives on the fight against money laundering and terrorist financing require all art dealers to scrupulously assess the risks of each transaction. As part of these obligations to be vigilant and to report suspicions, any person subject to the AML/CFT rules must try to detect the precursor signs of money laundering, including tax fraud and the financing of terrorism. There are financial, professional and even reputational penalties for any institution that fails to comply with this directive. The Commission Nationale des Sanctions (National Sanctions Commission) issues these penalties on a regular basis, taking care to ensure that its decisions are published by name.
Are the texts that set up the LCB-FT accessible to everyone?
Solène Clément:
Let's just say that if you've done 5 years of law, it's almost accessible! In reality, it's not easy to understand or summarise the6,600 pages of legislation that make it possible to implement the LCB-FT regulations. The main challenge is to make the requirements of the Monetary and Financial Code operational and, above all, to ensure that they are properly applied on a day-to-day basis, without sacrificing other aspects of the business. Indeed, the obligations of vigilance and reporting suspicions were designed primarily for the banking sector, i.e. for large structures with substantial resources. These texts are difficult for smaller structures to understand.
It was with this in mind that Violette Taquet, founder of Eunomart, decided to create a tool that would bring both compliance and peace of mind to art professionals by providing them with a simple, fast and efficient process.
Why did you agree to work with Eunomart?
Solène Clément:
The desire to help and my personal appetite for the art market first of all. The creation of this tool seemed to me to be the next logical step. Clearly, we need to help professionals understand these complex laws so that they can implement the vigilance measures required.
Professionals will be able to concentrate on their core business, which is none other than the appreciation and promotion of works and the influence of artists.
