I just tried to sign up to bid at Aurea Numismatika Praha Auction 96 and was faced with this request: Identity confirmation Due to laws, everyone participated in auction has to proof his identity Valid identity documents are: scanned ID card scanned passport File must be in one of following formats: GIF, JPG, JPEG, PNG Upload ID proof File must be in one of following formats: GIF, JPG, JPEG, PNG Upload proof ** Or fill informations in manually ID number Date of expiry Authority (issuer) ID proof changes will require additional approval from auction house. You will not be able to limit or attend auction until your new info is approved. Has anyone run into such a request before? I guess I won't be bidding in this auction.
Having to prove your identity before entering into a financial contract online is pretty standard stuff I think. They even give you the more secure option of just sending the key info rather than forcing photos like a broker, lender, lawyer or almost any other professional service would. If anything, their requirements fall well short of standard AML/CTF KYC requirements.
I know I've had to provide references from dealers when registering for auctions, but I don't remember if I also had to provide copies of a driver's license or passport. It doesn't seem unreasonable to expect you to provide some evidence of who you are before an auctioneer trusts you to bid at their auctions and pay for anything you win. It's not the same as a straight retail sale.
I was shocked by the request for my ID when buying from an Italian auction house the first time. I learned that Italy has tax laws that require proof either non-Italian citizenship, or Italian ID. Apparently at some time in the past some Italians would falsely claim to be foreign to skip on the taxes. This dealer is Czech but it could be the same kind of setup.
This is fairly standard for foreign auction houses. I've had to do it at least a couple of times. I wouldn't be too worried about it, personally.
Yes, and I backed out. There are very many auctions that do not have such a requirement. I deal with them.
On two occasions I had to provide my ID for online purchases, I sent them a photo of my driver's license with the number and barcode fully or partially covered. I'm glad to provide references and my home address, but no way I'm giving anyone my full ID info or a photo of my passport. That's a ridiculous requirement IMO.
I don't understand the mentality of a company that puts barriers in place to prevent customers from signing up and giving them money. Times are tough right now. People are going out of business. There's plenty more coins elsewhere.
Stock market =/= booming economy. Unless, of course, you're Costco, a grocery store, or Home Depot - those guys are doing just fine.
Not with auctioneers. In other areas this is standard procedure. If you will do this, be sure to delete the personal code from the scan, to prevent ID theft. You could contact the auctioneer and ask what personal info exactly they need and how they keep that info safe and when they will destroy it. Thats EU privacy law, so they should abide.
Yes, I've run into requests like this with auctioneers and complied with them. Got signed up no problem.
I am careful about not providing too much information online, no matter who the dealer/agency is. For example, I don't do online banking. Therefore I would be a bad fit for the OP's auction house.
Agree, but bullion shot up and the recent coin auction prices/activity were higher than before if I'm not mistaken. Sorry for the offtopic everyone.
