Anti Money Laundering Legislation

The UK government has introduced 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 10,000 EUR.

Before accepting payment and delivering purchases, we are now legally obliged (with criminal sanctions for failure to do so) to carry out identification checks which apply to both new and existing clients. 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 you provide 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.

RedHouse is grateful for your assistance with these regulations which are aimed at avoiding criminals being able to conceal the proceeds of crime.

Should you have any questions, please email or call us directly on +44 (0) 1423 884400. Our full terms and conditions of sale are on our website.