The new European Law | MDZ Art Gallery Knokke Belgium
Back to home

The new European Law

The new anti-money laundering regulation:

The European Union recently introduced new anti-money laundering measures which the United Kingdom adopted as of 10th January 2020. The regulation will affect how all national and international galleries, dealers and auction houses conduct business.

Clients, old and new, will now be required to provide an ID when purchasing an artwork over the value of €10,000 EUR (approx. £8,500 GBP or $11,000 USD). 

MDZ ART GALLERY is therefore obligated to request the following before concluding a sale:

Individuals: a copy of a valid photo ID such as a passport, driving licence or national ID card to confirm a client's full name, address, nationality, date of birth and residential address.

Companies: details from the company's certificate of incorporation, directors and ultimate beneficial owner.

Agents/Art Advisors: will need to provide the above information from the ultimate buyer.

All payments will need to be received from a bank account held in the name of the person or company as per the invoice and should match the ID provided.

MDZ ART GALLERY appreciates your patience and understanding whilst these necessary checks are carried out to comply with the new legislation.

Any information obtained by MDZ ART GALLERY will be kept secure, confidential and processed in accordance with GDPR.