UK's Anti-Money Laundering new regulation

On 10 January 2020, changes to the UK Government’s Money Laundering Regulations came into force.  They update the UK’s AML regime to incorporate international standards and the EU’s 5th Money Laundering Directive.

Frederick Mulder Ltd is complying with the new legislation and is thus required to carry out identification and screening checks on all artwork purchases above €10,000 by clients for themselves or on behalf of a third party. Customer due diligence will vary dependent on the client, be they individuals or companies, however the overall purpose is similar and is to check that the funds are legitimate. If you have purchased at auction, you will be familiar with the KYC procedure implemented by the major international auction houses.

We will be grateful for your assistance in this process before completion of the sale. Thank you for understanding we are obliged to do this for all our clients.  We will do our best to make the process as quick and efficient as we can.

Once again, thank you for your understanding and cooperation.