The Federal Ministry of Finance categorizes the art trade as susceptible to money laundering due to its potential for involving large sums.
This makes it a prime target for laundering illicit funds and integrating them into the legal economy, necessitating enhanced legal precautions. To comply with the Money Laundering Act, extensive measures must be regularly established and maintained,
including risk management, internal safeguards, thorough due diligence/KYC procedures, and a system for reporting suspicious activities.
This is where Regpit steps in as a helping hand – navigating and safeguarding your operations through our easy-to-use processes.