Compliance - Anti Money Laundering

Modified on Fri, 9 Aug, 2024 at 9:42 AM

Compliance - Anti Money Laundering

Anti Money Laundering regulations require auction houses to take extra steps for approving both bidders & vendors. So we built in a Compliance feature within the Snoofa registration system, to make it as easy as possible. Part of that system are settings to optimise the process.

SETTINGS > System Settings > Compliance

Compliance Settings

How-To One Set Compliance

Go to Compliance within System Settings, to get started. Then simply change settings as you desire & save.

Compliance Form Fields

Form Field	Explanation
AML LTS Interval*	The AML LTS (Anti Money Laundering Linked Transaction Sum) Interval, is simply the period of time of which transactions are measured. E.g., if set to 365 it will calculate all transactions going back 365 days, from today, the present. Meaning if a Client bought something 366 days ago, this would not be included with the calculation. You should check current regulations to know for what time period you should set the system to.
AML Regulated Categories	These are the Categories you wish to include in the AML LTS calculations. Currently the guidance defines these as Fine Art: Paintings Sculptures Drawings Prints, including limited editions Antiques: Furniture Decorative arts (e.g., porcelain, glassware) Historical artifacts Clocks and timepieces Jewellery and Precious Stones: Rings, necklaces, bracelets Watches Loose gemstones (e.g., diamonds, sapphires) Precious Metals and Collectibles: Items made from gold, silver, or platinum Rare coins and bullion Medals and trophies Cultural Property: Items of cultural or historical significance Religious artifacts Archaeological finds High-Value Collectibles: Stamps, rare books, manuscripts Classic cars Wines and spirits The Snoofa System can include and exclude automatically, e.g., calculating works of art, but not including books within the calculations. You could if you wish include all all Items / Categories within your calculations, but as always check current guidance.
AML LTS Threshold*	The Threshold is the sum that a Clients transactions can come to before due diligence must be carried out. At time of writing regulations say 10,000 Euros, which will need to be regularly converted to £ - as always check current guidance.
Reminder Settings	Here you can choose to set reminders for Clients, to remind them up to 3 times at various intervals, about Basic & Advanced Certification. Simple type in the numbers of days, or use 0 for no reminder to be sent.

NOTE: Notifications for staff are set up via General, within System Settings. Please see the how-to article on the General section for details. You may wish staff receive notifications when new ID documents have been submitted & require a manual checks.

Snoofa Help Videos

You can find many helpful videos within our Knowledge Base, including this one on Adding Users.

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