Application criteria Art Dealers

#1

My application for a Business account got declined because according to the industry policies we’re not eligble to open an account unfortunately. The industry policies mention that Art Dealers & Auction houses are not able to open a Revolut account.

So far so good. I was just wondering what makes our business (we’re an affordable art platform, selling artworks between 100 and 5000 EUR) too risky to decline the application upfront.

I must say Revolut is the only service who is declining us at the moment, because TransferWise, Stripe, Braintree, etc were more then happy to on-board us.

#2

Once again I think this is for AML policy… unfortunately this is too easy to launder money though Art… and Revolut isn’t yet a bank.

#3

as dealer you are been paid on behalf of someone else and that is afaik against the terms of service. I guess that if you would be an art seller instead it would be simpler.

they have no way of knowing if what you receive is clean or dirty money

#4

@alejandro.mery We’re not selling on behalf of 3rd parties, every artwork we sell is ours.
@mirron could be possible, but given our retail prices (up to EUR 7500), it’s not something we come across at all. So maybe it would make sense to only avoid ML sensitive transactions instead of a whole industry.

#5

Hi @phoa :wave:

Please accept our sincere apologies that we are unable to provide any further information about the reason behind our decision.

Good luck with your business and we hope to be able to provide services to businesses like yours in the future!

Kind regards,
Olga