News

France's Commission Nationale des Sanctions, also known as CNS, disclosed fines Tuesday against a pair of art galleries caught violating anti-money laundering rules, two years after warning that the sector too often views AML compliance as a "secondary" obligation. CNS, which, in addition to the art sector, also oversees AML-related supervision of real estate firms, gaming platforms and corporate services providers, fined the two galleries after French Customs determined that they had failed to assess and respond to risk, fully identify their customers and thoroughly vet payments that automatically pose a high threat of illicit finance. The first gallery incurred...