Proofenance provides a SaaS platform that automates compliance for art market participants such as galleries, auction rooms, and private dealers. Its ProofMarked workflow consolidates identity checks, due diligence, documents, correspondence, and payments into a single auditable report, while governance tools link training and policies to each transaction.
Funding
Funding not disclosed
Founders
Product
Problem
Art market participants such as galleries, auction houses, and private dealers must meet strict KYC, AML, and HMRC reporting requirements, but current compliance processes rely on scattered emails, spreadsheets, and manual document handling, making audits time‑consuming and error‑prone.
Solution
Proofenance offers a SaaS platform that centralizes every compliance step of an art sale into a single, auditable workflow called ProofMarked. The system guides users through identity verification, AML screening, due‑diligence, bank‑account retrieval via Open Banking, and payment tracking, automatically attaching evidence to the sale record. All data are encrypted, stored long‑term, and can be exported as a comprehensive ProofMarked Report for MLRO or HMRC review, eliminating the need to reconstruct files from disparate sources. Governance tools link training records, policies, and audit logs to each transaction, ensuring that both operational and regulatory compliance are documented in one chain. The platform integrates with existing tools rather than replacing them, allowing staff to continue using familiar systems while benefiting from automated compliance and secure data handling.
Target Audience
Primary customers are independent art dealers, galleries, and auction houses that must demonstrate defensible compliance for each transaction to regulators and financial institutions.
Features
- End‑to‑end ProofMarked workflow that captures identity, AML, due‑diligence, correspondence, and payment data per sale
- Open Banking integration to fetch bank statements and source‑of‑funds information without manual PDFs
- Automated generation of a full compliance report (ProofMarked Report) with audit logs and evidence snapshots
- Governance module that records training completion, policy acknowledgments, and role‑based access tied to each transaction
- Encryption of data at rest and in transit, with long‑term retention and immutable audit trails for regulator inquiries
- Role‑specific user permissions and multi‑factor authentication to protect sensitive identity and payment information
- API‑free, low‑code interface that works alongside existing document stores, learning platforms, and finance systems