Laws and regulations aimed at preventing money-laundering and white collar crime in the United Kingdom require that art firms and auctions check identification and references of all buyers who make purchases in the five-figure range or higher, a highly time-consuming and expensive process that the new 'artpass ID' authentication app is designed to solve.
Founded by Dutch fintech innovators David Dehaeck and Nathalie Haveman, the 'artpass ID' authentication app allows users to upload their details which can then be verified by companies carrying out their identity and 'know your customer' (KYC) checks. The process makes it possible for customer due diligence reports to be procured free of charge, with users then able to make payments in order to carry out full inspection reports.
Ultimately, the 'artpass ID' authentication app aims to create an environment where time-consuming checks can be completed in a matter of seconds, allowing small and large players in the art market to do their bit to fight money-laundering without burning too much money and time on their own end.
Art Market Authentication Apps
This App Helps Art Firms Comply With Anti-Laundering Regulations
Trend Themes
1. Art Authentication Apps - The rise of authentication apps for the art market enables cost-effective and time-efficient compliance with anti-laundering regulations.
2. Instant Customer Due Diligence - Apps that offer immediate verification of customers' identities can save time and money for art firms and other high-end industries that require due diligence.
3. Fintech Solutions in Art Market - Technological innovations in fintech can transform the art market by automating compliance procedures that would have otherwise been costly and time-consuming.
Industry Implications
1. Art Market - Authentication apps can provide cost-effective solutions for art firms and galleries to comply with anti-laundering regulations, opening doors to new markets and increased profits.
2. Financial Technology (fintech) - The integration of fintech in compliance procedures offers a disruptive innovation opportunity for businesses across various industries to streamline and optimize their operations.
3. High-end Luxury Goods - Incorporating authentication apps can enable other luxury industries such as jewelry, fashion, and sports memorabilia to mitigate anti-laundering risks while also improving the customer experience.