Fosse Gallery are 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. This legislation has been adopted by the UK and will not be impacted by Brexit. It is also anticipated that the US will adopt similar legislation in due course.
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:
Please be assured that all personal data will be held and processed securely in accordance with data protection legislation.
We thank you for your understanding and cooperation. If you have any questions, please feel free to contact: firstname.lastname@example.org.