TRACFIN’s Focus report on ‘ML/TF in the Art Sector’ warns the market’s opaque, high-value transactions make it vulnerable to illicit funds, urging to strenghten vigilance and report suspicious activity

The report emphasizes that galleries, auctioneers, dealers, brokers, and other art professionals must comply with anti-money-laundering and counter-terrorist financing obligations, including client verification, transaction monitoring, staff training, and filing suspicious activity reports. Despite a 35% increase in reports in 2024, most are submitted by banks, while reporting by art professionals remains relatively low….