IMPORTANT INFORMATION FOR COLLECTORS

NEW UK REGULATION
Feb 3, 2020

Michael Hoppen Gallery is legally obliged to collect certain information on our valued clients in line with the European Union's 5th Money Laundering Directive which came into force in January 2020.

 

In complying with the new AML regulations, the gallery is required to carry out identification and screening checks on all clients purchasing artwork over €10,000 or invoices issued over €10,000. Those collectors who purchase at auction will be familiar with the checks put in place by the major international auction houses.

 

When entering into a relationship customer due diligence checks will vary dependant on the client; for individuals, we will require a copy of a valid photo identity document such as a passport, driving license or national ID card which confirms the full name, date of birth, nationality and permanent residential address of our clients. For companies, we will require company details including evidence of incorporation, company number, names of directors and the ultimate beneficial owners. In a situation where an agent/advisor is acting on behalf of a buyer, we will be required to identify the ultimate owner in addition to the agent. 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.

 

We ask that you make allowance for our having to carry out these checks before the completion of a sale of a work of art. Please understand that we are obliged to do this for all our clients, even those with whom we have worked with in the past. We will do our best to make the process as quick and efficient as we can and the information which you provide will be held and processed in accordance with our GDPR compliant privacy policy and will remain secure and confidential at all times.