We would like to update you on the new anti-money laundering EU legislation which took effect in January 2020 in the EU and the UK with the United States expected to follow.
This new legislation requires us to obtain detailed information about the identity of all our clients, both private individuals and businesses. These new legal obligations and checks affect both new and long-standing clients, when purchasing a work of art with a value of EUR 10.000 or more.
If you purchase a work of art from us, we will be required by the new regulation to ask you for information about your identity and to produce verification of this through a government issued document. (These checks are similar to the 'Know Your Client' processes already followed by banks, law firms and auction houses).
If you purchase a work of art from us as a private individual, we will need a copy of your valid ID (passport, driving license or national ID card) with full name, date of birth, nationality and permanent residential address.
If you purchase a work of art from us through a company or other legal entity, we will require company details including evidence of incorporation, directors and the ultimate beneficial owner(s) (UBO).
If you purchase a work of art from us as an agent or advisor, acting on behalf of another person, we are required to identify both you and the ultimate beneficial owner (UBO) before completing the sale.
Payments received by the gallery must come from a bank account held in the name of the person or entity named on the invoice. We will have to reserve the right to refuse third party payments. If you want a third party to pay on your behalf, you will have to seek our prior authorisation.
We are required by law to retain the information which you provide to us for five years. It will be held and processed in accordance with our privacy policy and will remain secure and confidential.
We will of course do our best to make the process as efficient as possible.