ANTIMONEY LAUNDERING (AML) IDENTITY REQUIREMENTS OF KYNANCE FINE ART
As from January 2020, the UK government introduced new anti-money laundering legislation following the Fifth EU Money Laundering Directive. We are now required to take all reasonable measures to ensure that our transactions are not part of money laundering. The threshold for these checks is Euros 10,000 (currently about £8,500).
We are now legally obliged before we accept payment and deliver purchases to carry out identification checks which apply to both new and existing clients (with criminal sanctions for failure to do so). These checks are similar to those carried out by banks which you will be familiar with. Unless you wish to pay immediately, these checks will simply take place in the days after the purchase and you will be given a pro forma invoice in the ordinary course.
For individuals, we are required to verify the buyer’s full name, date of birth, nationality and permanent address and will need to see (and retain a copy of) a valid government-issued photo ID such as a passport, driving licence or national identity card and a proof of address (if not on the identity document), such as a recent utility bill. This may well be permissible by photo sent from a mobile phone (the legislation is still being interpreted) for most jurisdictions/client countries of residence such as the United Kingdom, Europe and the USA.
If the artwork is purchased on behalf of a company or trust, we will need to be provided with the certificate of incorporation, directors details and any ultimate beneficial owners. Where an agent/adviser is acting on behalf of a buyer, we are required to verify the identity of the ultimate buyer, in addition to the agent.
Payments must be received from the person or entity whose name is on the invoice.
The information provided will be held and processed in accordance with General Data Protection Regulations, which set stringent requirements for the protection of personal data, and will remain confidential. We are grateful for your assistance with these regulations which are aimed at avoiding criminals being able to conceal the proceeds of crime.