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AML Policy (Anti Money Laundering)
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In accordance with anti-money laundering regulations introduced on 10th January 2020, all art dealers, galleries, and their clients must comply with EU-wide legislation, which the UK will follow irrespective of Brexit.
As part of our legal obligations, Hang-Up Pictures Ltd must take all reasonable steps to prevent money laundering, including ensuring that payments received are not derived from illicit sources. To comply with these regulations, we are required to conduct identity and screening checks on all clients before completing a sale.
These checks apply to all clients purchasing artworks valued at €10,000 or more or conducting transactions exceeding €10,000 in total. This requirement applies to all customers, whether new or longstanding collectors.
What We Need From You
- For individuals: A copy of a valid photo identity document (passport, driving license, or national ID card) confirming your full name, date of birth, nationality, and permanent residential address.
- For companies: Company details, including proof of incorporation, details of directors, and ultimate beneficial owners.
- For purchases via agents/advisors: We must verify the ultimate buyer in addition to the agent.
All payments must be made from a bank account held in the name of the person or entity on the invoice. If a third party wishes to make a payment on your behalf, prior authorization is required. If the information provided does not meet legal requirements, we reserve the right to refuse third-party payments.
We understand that these checks may be an inconvenience, and we appreciate your patience while we complete them. We are legally required to retain the information you provide for five years, and all data will be handled securely and in accordance with our Privacy Policy.
If you have any questions or concerns, please contact us at info@hanguppictures.com. We are committed to making this process as smooth and efficient as possible for you.