Compliance
Compliance & Due Diligence
High-value art transactions can be subject to UK anti-money laundering requirements and international sanctions obligations.
Before a transaction proceeds, appropriate identity, beneficial ownership, source-of-funds and transaction information may be requested from the parties involved. The scope of information requested depends on the nature, value and structure of the transaction.
These measures protect all parties. They also reflect the expectations of the banks, insurers, shippers and professional advisers who participate in international art transactions.
Client Identification
We may request identity documentation for individuals, and constitutional and registration documents for companies, trusts, foundations and other entities.
Beneficial Ownership
Where a party acts through a company, trust or nominee, we may request information identifying the ultimate beneficial owner and any controlling parties.
Source of Funds
For a purchase, we may request information regarding the source of funds and, where relevant, source of wealth, together with supporting evidence.
Sanctions Screening
Parties to a transaction may be screened against applicable sanctions and politically exposed person lists before a transaction proceeds.
Provenance & Ownership
For a sale, we may request evidence of ownership, provenance records, import and export documentation, and relevant loss or restitution database checks conducted by independent specialists.
Transaction Records
Records of enquiries, mandates, checks and transactions are retained securely for the periods required by applicable law.
The Private Art Office reserves the right to decline any mandate, enquiry or transaction.
This page describes our internal approach to due diligence. It does not constitute legal advice, and does not assert any particular regulatory registration or supervision. Independent legal and compliance advisers should be consulted where required.