As part of the selling process through our platform, completing the KYC (Know Your Customer) procedure is a mandatory step within your seller account. We understand that many sellers may view this as an additional administrative task. However, this procedure is essential to ensure the safety of our platform and the integrity of the auction process.
What is KYC?
The KYC procedure is a legal requirement within the European Union for companies that facilitate financial transactions. It involves identifying and verifying users, as well as assessing potential risks. This regulation is designed to prevent money laundering, terrorism financing, and other forms of financial crime.
As an auction platform, we are legally required to know who we are doing business with. This contributes to a transparent and trustworthy operation, ultimately benefiting all parties involved — both buyers and sellers.
What do we ask from you as a seller?
To comply with this regulation, we ask you to provide the following information once:
- Company details, such as legal structure, address, and VAT number
- Information on the Ultimate Beneficial Owners (UBOs) of your business
- A valid ID of the authorised representatives
- A document verifying your business bank account
This information is used solely for verification purposes and is securely stored in accordance with applicable European privacy laws (GDPR). Documents and data are never shared with third parties and are retained only for as long as legally required — typically five years after the business relationship ends.
Why is this important?
Although the procedure may feel like a formality, it forms the foundation of a trustworthy and professional trading platform. These verification measures enable us to:
- Prevent misuse of our platform by malicious actors
- Ensure transparency and build trust with buyers and regulatory bodies
- Comply with additional legislation, such as the EU’s DAC7 tax reporting directive
Your role in maintaining a secure marketplace
Our goal is to offer a safe, transparent, and reliable sales channel. Your cooperation in completing the KYC procedure is essential to that mission. By providing your information, you contribute to a professional environment where buyers can bid with confidence — and where you, as a seller, can maximise the value of your lots.
If you have any questions or experience any difficulties completing the form, please don’t hesitate to contact us.