Terms & Conditions of Art Money UK Ltd, 16 Great Chapel St, London, W1F 8FL, UK (“Art Money” or “we”)
1. By using Art Money’s Verified Buyer Service:
2. If the Seller decides to mandate Art Money with the KYC-Check of the Collector the Collector will be asked to provide its name, mobile and email of the Collector. A Collector means any relevant agent and principals they wish to have verified by Art Money.
3. If the Collector is an entity (eg a company, trust, or other organisation) the seller will need to provide the entity’s details in addition to the individual person(s) who is the Ultimate Beneficial Owner of the entity, as a link must be made between the purchasing entity (the organisation) and the Ultimate Beneficial Owner(s) i.e. the person(s) controlling the entity.
4. In order to be eligible for verification (and become an Art Money Verified Buyer), the Collector, whether a person buying for themselves, or as an agent for a principal, or the Ultimate Beneficial Owner of an entity that is buying, must create an account directly with Art Money and disclose directly to Art Money the information necessary for Art Money to complete the verification process for AML & KYC which is a combination of tech, expert review and biometric face ID.
5. To establish proof of identity we use a variety of techniques including biometric photo ID matching. To establish source of funds/wealth we verify certain financial & employment information. Returning Collectors will also be asked to provide security details at time of purchase so we can verify their identity prior to activating each sale.
6. Art Money may qualify the Collector as an Art Money Verified Buyer (passed AML/KYC checks including source of funds/source of wealth, as required under EU 5th Anti-Money Laundering Directive [5AMLD]), or Art Money may be unable to verify the Collector. There are a variety of reasons that the Collector may not be verified, including an unwillingness to provide Art Money sufficient information. In the absence of a valid legal request (eg tax audit), Art Money will only share with the art seller that we are able or unable to verify a Collector, Art Money will not share the reasons that Art Money is able or unable to verify a Collector.
7. Releasing artwork to a Collector who has not been confirmed as verified by Art Money is at the Seller’s risk.
8. Clients should be verified for each transaction/sale, as it is possible that their qualifying status may have changed between purchases (eg moved onto a PEP politically exposed persons or sanctions list).
9. Art Money or its agents under Art Money’s direction and control will retain copies of the identification and verification material provided to it by the Collectors as required under 5AMLD. In the event of a legally valid request (such as a tax audit) the basis for the verification and any legally required data stored will be made available within the time frame required by law.
10. ‘Reliance’ is the provision in The Money Laundering, Terrorist Financing and Transfer of Funds Regulation 2017 No. 692 Part 4 Regulation 39 (7)-(8) which allows outsourcing: “Nothing in this regulation prevents a relevant person applying customer due diligence measures or carrying out any of the measures required by regulation by means of an agent or an outsourcing service”
Art Money will not disclose this Confidential Information, except as required by law. These obligations of confidentiality survive indefinitely.
12. Neither party to this agreement is liable to the other for special, consequential, exemplary or incidental damages.
13. Notwithstanding the above clause, the limit of Art Money’s liability will be up to £1m including costs & expenses.
14. The Seller agrees to abide by industry best practice in its business dealings particularly in relationship to timely payment of artists.
15. The term of this Agreement is unlimited, however either party may terminate with 30 days’ notice for any reason.
16. Selected Sellers will have the option of using Art Money Verified Buyer services for transactions and storage of Artworks in a single or linked transaction of €10,000 or more. These services are provided at no cost for selected Sellers until 30 June 2023 unless otherwise extended.
Version 1.0 / 15.11.2022 / Zürich, Switzerland