Forum Auctions as an Art Market Participant

Forum Auctions are defined by HMRC as an Art Market Participant (AMP) and as such must adhere to stringent Anti-Money Laundering (AML) regulations. These regulations are in place to combat money laundering, terrorist financing and other illicit activities. 

Customer Due Diligence (CDD)

To prevent money laundering risks, we implement a customer due diligence and risk assessment procedure where we will verify the identity of all new and existing customers who buy or sell at Forum. To do so, during registration, we will ask for the following information and documents:

• Full name
• Current residential address
• Date of birth
• Nationality
• Company name, registration number and director/shareholder information (if applicable)

Documents we will require:

Personal accounts

• A copy of a government-issued photo identification (such as a national identity card, passport or UK driving licence) showing your full name and date of birth, and
• a proof of your current residential address, for example a utility bill or bank statement, mortgage document.

Company accounts

• A certificate of incorporation, showing the company’s full name and registered address; and
• documentary confirmation of each beneficial owner owning 25% or more of the company; and
• the ID document (such as a driving licence or passport) of the authorised signatory and where the authorised signatory is not a director, a letter on company letterhead confirming the individual’s authority to act.

Trusts (unincorporated)

• Trust deed or other document evidencing legal existence of the trust and confirming the names of trustees, settlor/grantor and beneficiaries; and
• a Government issued photo ID and proof of address for trustee (if you are acting for more than one trustee we will verify the identity of at least two trustees); and
• a Government issued photo ID and proof of address for the Settlor an authorisation to act letter.

Enhanced due diligence (EDD)

We reserve the right to make further enquiries where additional risk factors are identified. These risks may be related to the value of the transaction, unusual structure or unverified source of the payment, or purpose of the transaction.   For example, we may request additional identification and proof of address, proof of income, bank references, and so on.

Customer transacting on behalf of the company should be prepared to answer questions about the company’s ownership structure, operations and turnover.

Politically Exposed Persons

The law requires us to know whether you are a Politically Exposed Person (PEP) or a family member of a PEP. In such cases we will ask you additional questions about the source of funds used to pay for the goods.

Information and Contact

Copies of customer due diligence checks will be stored for as long as it is necessary to satisfy legal requirements in an appropriate storage facility. We reserve the right to withhold items purchased by the buyer and/or monies owed to the vendor until the customer has provided the information necessary to complete the anti-money laundering checks.

If you have any questions or require more information, please contact compliance@forumauctions.co.uk.

Register for your customer account here.