ANTWERP.- artpass ID is the first digital identity trust network designed specifically for the art market. Its KYC sharing app aims to remove the friction and duplication currently experienced by art collectors and dealers when purchasing art.

artpass ID champions digital ID verification, a solution rapidly gaining support from regulators and art market participants to combat financial crime. Within our digital identity trust framework, collectors and dealers can rapidly and securely prove their identity by scanning members’ QR codes. artpass IDs can be re-used every time members transact, eliminating the need for ID document handling.

Rakhi Talwar, who recently joined artpass ID as its Lead Compliance, said: “I became interested in artpass ID as it is different to other solutions I’ve seen. It offers a scalable, sustainable, world-class compliant solution across all art transactions by creating an environment within which authenticated identity credentials can be shared instantly. Gone are the days when collectors will have to send KYC documents to different dealers every time they want to buy or sell art.”

“As the former Head of Compliance at Christie’s, Rakhi brings a wealth of compliance knowledge in the art industry, along with the creativity and passion needed to make a difference,” co-founder David Dehaeck said. “Her credibility in this space is a further endorsement of artpass ID and the innovation it offers to meet a complex set of requirements.”

Why is artpass ID needed now?

Anti-Money Laundering (AML) regulations have impacted Art Market Participants (AMPs) since the EU’s 5th money laundering directive (5MLD) was implemented on 10th January 2020. New regulations require AMPs to comply with Know Your Customer obligations for all transactions above €10,000 which means that collectors are having to repeatedly prove their identity and undergo the same checks with AMPs when they buy or sell art. artpass ID speeds up, standardises and simplifies compliant transactions throughout the art market.

Rakhi Talwar is an independent compliance consultant and a solicitor by background. Following a career as a regulatory lawyer with the international firm DLA Piper, she worked in an in-house compliance role at American Express for four years before joining auction house Christie’s in 2011 where she was Global Head of Compliance. Rakhi left Christie’s in 2018 to set up her own compliance consulting business and now acts for leading gallerists, auction houses, and art advisory businesses while also providing expert counsel to the UK’s art trade associations and their members. In addition to growing her thriving business, Rakhi Talwar will partner with artpass ID to support the start-up’s compliance goals and growth strategy.