If you’re selling an Art Object to a trust, foundation, institution, museum, or business - an ‘organisation’ - and not a private client, we are still required to ascertain the identity of the ultimate - or Beneficial Owner - of the work of art.
While it’s not uncommon to sell to an organisation and for us to deal with an intermediary acting on behalf of the business owner, this point of contact is not considered the Beneficial Owner.
Consequently, when such instances arise and we are selling to an organisation, we will be required to verify the identity of the organisation.
We can do so by capturing and keeping a record confirming formation of the organisation using information held on a public register such as Companies House in the UK.
In doing so, we will be able to correctly identify owners of the organisation. Once we have done so, we will then need to keep a record of the identities of the Beneficial Owner(s) whom will in part share ownership of the Art Object purchased through the organisation.
Learn more about how to correctly identity your client here and the risk-based process Know Your Customer here