Why are you asking me questions?
The Anti-Money Laundering Act (2017:630) has recently introduced stricter rules for the art and antiques sector to combat both money laundering and terrorist financing.
In accordance with the law, we at Auctionet need to know a little more about our customers, especially those who buy or sell items for significant amounts.
We have chosen to work with a service called Verified that provides the form we send out to you. The information you share is confidential and will not be shared with third parties, but will only be reviewed by our auctioneers and saved on your profile.
What questions do you need to ask me?
We may need to ask you questions such as how you plan to use the auction services, how much money you expect to spend/sell over the course of a year and where this money/items will come from.
In connection with this, we may require a copy of your ID and documents proving your stated address (for example, a utility bill).
What applies to me as a legal entity?
For you as a representative of a company, we need to obtain documentation proving that you are authorised to represent the company. We may also need to ask questions about the beneficial owner and about the business and its turnover.
What happens if I don't answer?
We may need to reassess our business relationship with you and, in the worst case, terminate it completely.
What does PEP mean?
PEP stands for Politically Exposed Person, which means that the person or a relative has held important positions in a state or international organisation, such as a politician.