Anti Money Laundering
Bailey Heaven & Associates Ltd. are committed to the transparency and integrity of our business, and the trusted relationships we have with our clients and partners.
The Fifth Money Laundering Directive 5AMLD’ came into effect on 10th January 2020, and participants operating in the art market both in the UK and the rest of Continental Europe will be captured within the scope of this legislation. Bailey Heaven & Associates Ltd. are a regulated entity for anti-money laundering purposes; the enforcement of which is carried out by HMRC under UK law.
The legislation is mandatory and currently requires verification of the identity of clients when selling or acquiring works of art or jewellery. The checks that we are required to carry out and the records that we must keep are similar to the Know Your Client ‘KYC’ that is standard in other regulated markets across the globe, and as such should be familiar to all parties. These principles will apply to all clients.