As of the 10th January 2020, the UK government has introduced new anti-money laundering measures which affect all art dealers, galleries and their clients, existing and new.
Artellite Ltd, which powers DegreeArt.com, is an Art Market Participant under the Money Laundering Regulations 2017. Accordingly, we might need to collect information from you to adhere to our responsibilities. Proceeding with such qualifying transactions is contingent on the provision of documents and details requested. We are required to take all reasonable steps to take significant steps to ensure we comply with Anti Money Laundering procedures in the same way as a bank does when opening new customer accounts. These measures are industry wide including auction houses and individual dealers.
NB: Artwork will be delivered following successful completion of our AML processes.
To meet these obligations and before any sale is concluded over €10,000, we are obliged by law to verify the identity of clients buying artwork from us. We partner with the art industry's leading Art AML Ltd to conduct our AML compliance.
Individuals:
We will ask for both a copy of a valid photo identity (a passport, driving licence or national ID card) which shows the buyer's full name, date of birth, nationality and permanent residential address.
Companies:
We will require company details including but limited to proof of incorporation, directors and the ultimate beneficial owners.
Agents/adviser:
When acting on behalf of a buyer, we will require you to identify the ultimate buyer in addition to yourself.
Payments to the gallery will need to be received from a bank account held in the same name of the client named on the invoice and match the identity documents given.
Any information you provide us with will be held securely and confidentially and processed in accordance with UK General Data Protection Regulations.*
Thank you for your understanding and cooperation. Should you have any questions, please do get in touch with us [email protected] / +44 (0) 20 37017412
*Note that we employ a third-party service to securely collect and store personal data according to GDPR, the details of which can be provided upon request. Data protection in context of CDD conducted: HMRC expects that you inform customers who need to be checked for AML how their data will be protected. Something along the following lines should be added to your data processing policy or another policy where you outline data protection. As per Article 13 of the UK GDPR, in relation to personal data received from the customer specifically for the business's adherence to the Money Laundering Regulations, personal data will be processed only— (a) for the purposes of preventing money laundering, terrorist financing or proliferation financing, or (b) as permitted under paragraph (3). See Regulation 41 via: https://www.legislation.gov.uk/uksi/2017/692/regulation/41
