To comply with recent regulatory changes in the European Union, Invaluable is implementing a new verification process for buyers who intend to spend €7,500 or more from an EU-based seller. Complete your verification before your next purchase; the process is quick and simple.
As of January 2020, the Fifth EU Money Laundering Directive (AMLD 5), which requires auction houses and art dealers to verify their buyers’ identities for cumulative purchases of €10,000 or more, will go into effect for all transactions taking place within the European Union. To ensure a secure and easy verification process that satisfies the directive’s “Know Your Customer” (KYC) requirements, Invaluable is partnering with Jumio, a PCI Level 1 compliant, global leader in AI-powered identity verification. This verification process will be in place for bidders on the Invaluable marketplace, as well as any websites powered by Invaluable Private Label.
Invaluable account holders who have not completed their verification process will automatically receive a bid limit of €7,500 when transacting with European auction houses. This bid amount safely accommodates for any extra charges that may be added to your invoice, including shipping and buyer’s premium.
Once you complete the verification process, the €7,500 bid limit will be lifted from your account. Please note, once verified, an auction house may still impose an additional bid limit as they do today. Your verification will be valid for as long as the information in the documents you provided continues to match your Invaluable user profile name and billing address.
The process is quick and straightforward, requiring just 5 minutes of your time. Before you get started, please have on hand:
As there is no way to expedite the verification process, please allow enough time to complete your verification before the start of the next auction in which you wish to bid.
Why do I need to verify my account?
To comply with the Fifth EU Money Laundering Directive, a mandatory verification process is in place for all bidders who intend to transact with an EU-based auction house at a value of €10,000 or greater.
Do I have to pay to verify my account?
No, the verification process is free to all bidders transacting on either the Invaluable marketplace or a website powered by Invaluable Private Label.
Is verification a secure process?
Yes, verification is secure. Our partner, Jumio, is PCI Level 1 compliant and regularly conducts security audits, vulnerability scans, and penetration tests to ensure compliance with security best practices and standards. They are a trusted global leader for AI-powered verification.
How often will I need to get verified?
You only need to go through verification once to bid on the Invaluable marketplace. Your verification will be in effect as long as the information provided in your documents continues to match the name and billing address listed in your Invaluable account.
Please note, if you are bidding on any websites based in the European Union powered by Invaluable Private Label, you will be required to complete a separate verification to remove your bid limit on that site as well.
What is my bid limit if I am not a verified user?
If your account is not verified, your bid limit will be €7,500 to allow for any additional fees beyond the hammer price, including shipping and buyer’s premium, when bidding with EU-based auction houses.
Will there by any kind of bid limit once I am verified?
There is no further bid limit once your account has been verified. However, you will still be subject to bid limits set by individual houses, which they enforce at their discretion.
How long does the verification process take?
The verification process is quick and can be completed in about 5 minutes.
Is there a way to expedite verification?
No. Please be sure to complete your verification process well in advance of bidding live.
What documents are needed?
You will need a government-issued ID.
Will this require a background check?
This process does not require a background check.
How do I know that I’ve been verified?
After completing the process, you will see a verification status badge on your Invaluable profile page once you have been verified.
What happens if my verification fails?
If your verification fails, we will update your verification status on your Invaluable profile page. You will be able to try again in the event that a typo or unintended error was made during the initial verification process.
