Your challenges.
Art transactions often involve large amounts, with parties who value discretion. The value of a work is hard to verify, and works are sometimes bought through companies or intermediaries. Since 2020, art dealers and intermediaries have been subject to the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) for transactions of 10,000 euros or more. The same applies to the storage of art in free zones.
What we look at
Who is the buyer, who is the seller, and is anyone acting on behalf of someone else?
Where does the money come from, and does the amount fit the buyer?
Who is behind the company, foundation or foreign entity that is buying?
Every party screened against sanctions lists, and every investigation documented so that you can show it to your supervisor.
Frequently asked questions
When is an art dealer subject to the Wwft?
Since 2020, art dealers and intermediaries in the art trade fall under the Wwft for transactions of 10,000 euros or more. The same applies to the storage of art in free zones.
Does the threshold also apply when the amount is paid in parts?
Yes. The threshold also applies to several transactions that are linked to each other. Splitting a payment does not release you from customer due diligence.
Can BlueMonks work per transaction?
Yes. We investigate individual files as well as larger numbers, and align the lead time with your transaction.