At Beaumont Nathan we are proud of our tradition of zero conflict and the open and transparent relationship that we enjoy with all our clients and partners, as such we welcome the new EU legislation regarding Anti-Money Laundering, and see it as a positive step for industry and asset class.
The well-publicised Fifth Money Laundering Directive “5AMLD” came into effect on Friday 10 January 2020, and participants operating in the art market both in the UK and the rest of Continental Europe will be captured within the scope of this legislation. As such the Beaumont Nathan group of companies now becomes a regulated entity for anti-money laundering purposes. The enforcement will be carried out by HMRC in the UK. This legislation has been adopted under UK law and it is expected that it will remain unchanged by the ongoing Brexit discussions.
The legislation is mandatory and currently requires verification of the identity of clients when selling or acquiring product. These principles will apply to all clients, whether existing or new, and is irrespective of any geographical borders (for the avoidance of doubt any client of Beaumont Nathan including those in the US and Asia will be captured under this new directive). The checks that we are required to carry out and the records that we must keep are similar to the Know Your Customer ‘KYC’ that is the norm in other regulated markets across the globe, and as such should be familiar to all counterparties.
However for the avoidance of doubt, and as a base requirement for all Beaumont Nathan counterparties, whether an individual a corporate or trust, we will require at least one of the below;
– an original or certified copy of passports or other similar photo identification with details of the counterparties permanent residential address.
– if a company or trust, we will need copies of the company’s incorporation / trust mandate documents and in some instances details of either the directors/trustees and/or the ultimate beneficial owners
If you have any questions or queries, please feel free to get in touch at firstname.lastname@example.org or call +44 (0) 203 002 5870