Why are UK art galleries and auction houses now asking me for identity documents and source of funds information?

Art sellers in the UK are now required by law to conduct AML (anti-money laundering) and KYC (know your client) checks on their buyers (from any country) for all sales over €10,000. This means to be compliant they need verification of source of funds/wealth (AML) and identity (KYC). Using Art Money as a trusted independent third party for this process allows art sellers (galleries/auction houses/platforms) to meet their compliance requirements whilst allowing you (the collector/buyer) to keep your personal data secure.