AASEA is committed to the fight against money laundering and terrorist financing. In accordance with the new EU-wide legislation that has come into effect, art galleries and dealers are compelled to mitigate the risks of money laundering occurring in the course of their business.
Following the same procedures used by international banks, AASEA now has an obligation to carry out ‘Know Your Client’ checks on all of our clients, regardless of location or the length of our relationship. Where we are dealing with art advisors acting on behalf of their clients, we are required to run checks on both the advisor and the final client.
The process is straightforward and well known across the banking and corporate sectors, including the auction houses. We will be using a reputable compliance checking company to streamline the process. However, for private individuals, we may need to collect ID documentation, in the form of a passport or photo ID, when you next transact with us. For companies, we will ask for details including evidence of incorporation and documentation including the names of directors and the ultimate beneficial owner(s).
We will require payment of our invoices to be made from a bank account held in the name of the party on the invoice. If the purchase is being paid for by a third party, we will only be able to accept funds following confirmation of the source of the funds in line with these new legal requirements.
. We appreciate your understanding with this change.
If you have questions or concerns regarding the regulations, please email email@example.com