Brian Sinfield Gallery is compliant with Anti Money Laundering regulations and registered with HMRC in accordance with 5AMLD. This means that should you wish to purchase work/s for the sterling equivalent of 10,000 Euros or over, we will have to ask you for some additional verification for anti-money laundering purposes.
Whilst we appreciate that this may be an inconvenience, please understand that this is a rule enforced on us by HMRC to help counteract money laundering. The art market across Europe has become a regulated sector for anti-money laundering purposes.
The legislation is mandatory and requires verification of the identity of clients when selling or acquiring artworks of the equivalent sterling value of 10,000 Euros and over. It applies to both new and existing clients (including those from outside the EU) transacting with us. The checks that we are required to carry out and the records that we must keep are similar to the “Know Your Customer” processes that banks, law firms and some of the major auction houses already follow.
For Transactions of the Equivalent Sterling Value of 10,000 Euros or Over, We Will Need:
- If a work or works of the equivalent sterling price of 10,000 Euros or over are being invoiced to an individual, we will need to see an original certified copy of your passport, or other similar photo identification and proof of your permanent residential address. We will need to take copies of these documents. We will also need to know the source of the funds (e.g., name of the bank), the account name and account number before we can accept the transaction.
- If the work is being invoiced to a company, we will need copies of the company’s incorporation documents and details of its directors and ultimate beneficial owners.
- We will only be able to receive funds from the person named on the invoice unless, by prior agreement, you have discussed with us that you wish for a third party to pay the invoice and we confirm that we have satisfactorily carried out the necessary due diligence on the third party. Without such confirmation, unfortunately, we may not be able to accept the funds.
Please be assured that all personal data will be held and processed securely in accordance with data protection legislation.
Thank you for your understanding and cooperation.