How art world leaders can embrace new money laundering regul

Money Laundering Reporting Officers in the art world face stiff criminal punishments if they contravene new regulations
© Thomas Dumortier
Why would anyone be a compliance director when the risk of financial and criminal exposure is so high?
As the founding global compliance director of Sotheby’s in 1998 and having watched the explosion of international anti-money laundering regulations recently, I have often wondered this.
From personal experience, it is a virtual certainty that your average Money Laundering Reporting Officer (MLRO) is not paid enough to make the risks worth taking. But while the EU’s 2019 5th Directive on Money Laundering (5AMLD) genuinely improves the situation for MLROs in the art market by sharing the risks more broadly, this is not such good news for “senior management”.

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Thomas Dumortier , Sotheby , National Crime Agency , Money Laundering Reporting Officers , Money Laundering Reporting Officer , Money Laundering , Suspicious Activity Report , சோதேபி , பணம் சலவை புகாரளித்தல் அதிகாரிகள் , பணம் சலவை புகாரளித்தல் அதிகாரி , பணம் சலவை , சந்தேகத்திற்குரியது நடவடிக்கை அறிக்கை ,