IMPORTANT INFORMATION FOR COLLECTORS
NEW UK REGULATION
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.
February 3, 2020