- January 28, 2021
- Posted by: FCS Compliance
- Category: News
Anti-money laundering (AML) experts, FCS Compliance today announced a new partnership with Snoofa, bespoke software providers for auction houses, high value dealers and art market participants.
The partnership ensures that Snoofa clients have access to a comprehensive range of AML services in advance of the UK government’s compliance deadline of 10 June 2021.
The UK art market is estimated to be worth $14 billion and accounts for approximately 20% of all global art sales. Now subject to the same UK money laundering legislation as the banking, legal and property sectors, those working in the art market can expect to come under closer scrutiny, especially given the government s recent National Risk Assessment report which identified the industry as at high risk of money laundering.
Sarah Buchanan, Director at Snoofa, said, “It matters to us that Snoofa supports our clients with the new compliance requirements. Due to the likely volume of checks, it seemed only right to provide a solution that was cost effective and convenient, giving our clients peace of mind. We don’t think of ourselves as just a software provider, for us, it’s personal and we want to see all our clients thrive. I am delighted to be joining forces with the
FCS Compliance team. Their experience, expertise and reputation speaks for itself.”
Jerry Walters, MD at FCS Compliance, who has over 25 years’ experience working in financial fraud and crime enforcement, including 15 years in the City Police Force, added, “We very much look forward to working alongside Snoofa clients, helping them prepare their businesses for the June deadline and remain AML compliant thereafter. Now is the time to act and we urge those working in the sector to ensure they have the correct
framework in place to provide the protection they need.”
FCS Compliance runs CPD-certified AML training courses for the art market. The next 2-day course is scheduled for 22 and 23 February. For further information or to book, click here.
Notes to editors
About FCS Compliance
FCS is a leading provider of Anti-Money Laundering (AML) services in the UK. Working across regulated sectors,
including art, property and legal, the specialist team come from a background of law enforcement and finance.
The company was acquired by LonRes in 2019 and is an Approved Service Provider by LAPADA.
Snoofa is specialist auctioneering software. Powerful enough to be used by some of the biggest auction houses in the UK, but agile enough to adjust to increasing compliance requirements. Unique functionality complements
standard auctioneering elements, enabling auctioneers to offer a complete range of customer services to their vendors and buyers.