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Anti-Money Laundering Policy
Why our know your client (KYC) policy benefits you
Our customers' safety and shopping experience is of utmost importance to us. As an ethical retailer, Galerie Messine complies with governmental regulations designed to protect transactions and keep the art market a low-risk place to buy art. Here is some of the key legislation that we're implementing as a company, and how this keeps you safe.
Key terms Anti-money laundering (AML)
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, which came into force on 10 January 2020, updated the anti-money laundering regime to incorporate international standards set by the Financial Action Task Force (FATF). These changes included:
· Enhanced due diligence obligations, meaning companies must take greater steps to avoid the committal of a crime
· Expansion of the AML-regulated sector to include art market participants (art galleries, dealers, advisors and auction houses)
Know your client (KYC)
KYC is about understanding who exactly our customer is, and ensuring that all sourced funds are legitimate. Also known as client due diligence (CDD), background checks are a key part of AML compliance. Under the regulations, art market participants must identify and verify customers who spend €10,000 or more to ensure that they do not become involved with an individual or business with a history of financial crime or sanctions.
What kind of information will we ask for?
As part of our due diligence procedures, we are required by law to request the following information before payment is taken:
· One proof of identity, e.g. passport, photo driving licence, resident permit (with photo), or National Identity (ID) card
· Certificate of registration for companies (dated within last three months).
The documentation required will differ, depending on if you are purchasing as an individual or business, within France or overseas. In certain circumstances, we may require additional information to confirm the source(s) of funds. All of our gallery staff are trained in KYC and can help to guide you through the process and additional documentation options.
How will we keep this safe?
As with all data we hold, your documents will be stored securely and in accordance with data protection regulations, including GDPR. Only our specialist business intelligence and anti-money laundering team can access your information to make the necessary checks.