Anti-Money Laundering & Client Verification
At Gladwell & Patterson, transparency is fundamental to the way we conduct business. As one of Britain's leading fine art dealers, we are committed to maintaining the highest standards of compliance and protecting the art market from financial crime. In accordance with the UK Money Laundering Regulations, art market participants are required to undertake customer due diligence and identity verification procedures on certain transactions. These regulations were extended to the art market on 10 January 2020 and are supervised by HM Revenue & Customs (HMRC). As a regulated Art Market Participant, Gladwell & Patterson is legally required to carry out Anti-Money Laundering (AML) checks on qualifying transactions and business relationships. These requirements apply to both new and existing clients, regardless of their country of residence.
Why We Carry Out AML Checks
The purpose of these regulations is to prevent money laundering, fraud and other forms of financial crime. The art market plays an important role in safeguarding against such activity, helping to ensure a transparent and trusted environment for collectors, institutions, artists and dealers alike. Under current regulations, AML requirements generally apply where the value of a transaction, or a series of linked transactions, is £10,000 or more. In certain circumstances, we may also be required to carry out additional checks where a transaction presents an elevated risk or where enhanced due diligence is necessary. As part of our obligations, we may request documentation from purchasers, intermediaries, companies, trusts or other legal entities involved in a transaction.
Information We May Request
- A valid passport, driving license, or other government-issued photographic identification.
- Proof of residential address, such as a recent utility bill, bank statement, or official correspondence.
- Confirmation of the source of funds where appropriate.
Confidentiality & Data Protection
Any personal information collected as part of our AML procedures is handled securely and processed in accordance with applicable data protection legislation, including the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018.
Information obtained for AML purposes is used solely to meet our legal and regulatory obligations and is retained only for the periods required by law. We appreciate that identity verification can occasionally feel administrative; however, these procedures form an important part of maintaining confidence in the international art market and protecting both our clients and our business.
Should you have any questions regarding our Anti-Money Laundering procedures or documentation, please get in touch at
admin@gladwellpatterson.com, +44 (0)1780 917567, or via the enquiry form below.