Know Your Client
Know your client (KYC) guidelines aim at identifying risks before entering business relationships.
Money Laundering and Terrorist Financing Prevention Act
If you buy over 10,000€ worth of art. I am obliged to ask you for valid proof of identity under the Money Laundering and Terrorist Financing Prevention Act.
The art sector is now also covered by the Money Laundering and Terrorist Financing Prevention Act. That is why I as a selling artist have to check my customer’s identity with a valid ID with any sale above 10.000€
If you buy art for your business. Then I will also need an extract from the Chamber of Commerce to know who the ultimate owner of the company is. I must store and keep the obtained data. I will do this in a matter that complies with the AVG (privacy legislation, the General Data Protection Regulation).
Financial Intelligence Unit
If you buy art of 10.000€ or more ánd you are outside of Europe, then I am obliged to report this as an unusual transaction that has been carried out (or was intended to be carried out). I must then enter this transaction in the reporting portal of the Financial Intelligence Unit – Netherlands..
Web Portal FIU-The Netherlands→