AML Legislation: Anti-Money Laundering

Anti-Money Laundering Legislation

Anti-Money Laundering legislation on 10th January 2020 requires auction houses, art galleries and dealerships to conduct stricter due diligence on buyers who purchase from them works of art above a threshold of €10,000 (about £8,500).

 

Before the completion of any sale over this threshold, we are now legally obliged to carry out identification checks; (CDD = Customer Due Diligence) this applies to both new and existing clients.

 

For individual buyers, we are required, by law, to verify the buyer's full name, date of birth, nationality, and permanent address; we will need to see, and take a copy of, a valid government-issued photo ID such as a passport, driving licence or national ID card.

 

If the artwork is purchased on behalf of a company, we will need to have company details including evidence of incorporation, directors, and any ultimate beneficial owners.

 

The information you provide will be held and processed by us in accordance with Data Protection Regulations and will remain confidential. We thank you for your understanding of why this is necessary and will ensure that the gathering of this information is handled as speedily as possible.