A new regulation to prevent money laundering came into force in the UK on 10 January 2020.  It affects all art dealers who receive payments of more than €10,000 (about £8,500).  Similar legislation has come into force across the EU and may follow before long in the USA.

 

The main implication for you as our customer is that if in future you make a purchase from us (or any UK dealer or auction house) totalling more than €10,000, whether you are a new customer or existing and however long we have known you, 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 those already followed by banks, law firms and major auction houses.

 

For individuals, we will require a copy of a valid photo identity document such as a passport, driving licence or national ID card which confirms their full name, date of birth, nationality and permanent residential address.

 

For companies, we will require company details including evidence of incorporation, directors and the ultimate beneficial owners.

 

In a situation where an agent/advisor is acting on behalf of a buyer, we will also be required to obtain similar information / verification about the ultimate buyer. 

Payments received by the gallery will have to be received from a bank account held in the name of the person or entity named on the invoice. In the event that you wish for a third party to pay for a purchase on your behalf, you will have to seek our prior authorisation to do this and if the information you provide to us doesn’t meet with these new legal requirements, unfortunately we will have to reserve the right to refuse third party payments.

 

If you have any questions please contact art@thefineartsociety.com or +44 (0)207 629 5116.