Buying precious metals anonymously these days is getting harder.

Discussion in 'General Precious Metals Discussion' started by BelfastChild, Feb 18, 2023.

  1. BelfastChild

    BelfastChild Well-Known Member Silver Stacker

    Joined:
    Feb 21, 2022
    Messages:
    222
    Likes Received:
    405
    Trophy Points:
    63
    Location:
    Adelaide, S.A
    Seems like buying precious metals anonymously these days is getting harder.

    I’ve picked up silver from Peter Beck in Adelaide several times without issue but now they want full personal details from every buyer.

    I just made an order and got a questionnaire emailed to me which had to be completed before the order would be processed.

    They stated…..

    Peter W Beck Pty Ltd has a requirement under Australia’s Anti Money Laundering and Counter-Terrorism Financing Act 2006, to perform identification checks for all customers and suppliers in relation to refining transactions. AUSTRAC recently released new guidelines for bullion dealers which place a greater responsibility on us to understand, verify and maintain records of our customers.

    All dealers seem to be going that way now. :(
     
  2. dragafem

    dragafem Well-Known Member Silver Stacker

    Joined:
    Jan 16, 2012
    Messages:
    6,491
    Likes Received:
    2,123
    Trophy Points:
    113
    Location:
    Sunshine State
    Even under $5000? More reason to support this community.Plenty of goodies here at a reasonable price.
     
    Real $ and BelfastChild like this.
  3. BelfastChild

    BelfastChild Well-Known Member Silver Stacker

    Joined:
    Feb 21, 2022
    Messages:
    222
    Likes Received:
    405
    Trophy Points:
    63
    Location:
    Adelaide, S.A
    Yep, order was only for a couple of 10oz bars.

    They now want ID certification via a JP if you can't attend in person.

    Makes this forum all the more relevant as a trading platform.
     
  4. dragafem

    dragafem Well-Known Member Silver Stacker

    Joined:
    Jan 16, 2012
    Messages:
    6,491
    Likes Received:
    2,123
    Trophy Points:
    113
    Location:
    Sunshine State
    I hope you did not comply and simply said no thank you:D
     
    Real $ likes this.
  5. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,613
    Likes Received:
    4,397
    Trophy Points:
    113
    adze67 likes this.
  6. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,987
    Likes Received:
    3,390
    Trophy Points:
    113
    Location:
    Melbourne
    Absolutely agree, and when difficult to source here it's not a bad idea to hedge price via unallocated until what you're after is available here.
     
    mmm....shiney! likes this.
  7. BelfastChild

    BelfastChild Well-Known Member Silver Stacker

    Joined:
    Feb 21, 2022
    Messages:
    222
    Likes Received:
    405
    Trophy Points:
    63
    Location:
    Adelaide, S.A
    Taken directly from the AUSTRAC site...


    CUSTOMER IDENTIFICATION PROCEDURES FOR PURCHASES AND SALES OF
    BULLION VALUED LESS THAN $5,000
    Bullion dealers are not required to carry out the applicable customer identification
    procedures for purchases or sales of bullion when the retail value of the transaction is less
    than $5,000 AUD or the foreign currency equivalent.
    This exemption does not apply where a bullion dealer determines in accordance with its
    appropriate risk based systems and controls that for ongoing customer due diligence
    purposes, it should obtain, update or verify any 'know your customer' information about a
    customer.
     
    mmm....shiney! likes this.
  8. madaw1

    madaw1 Well-Known Member

    Joined:
    Dec 5, 2011
    Messages:
    2,166
    Likes Received:
    3,237
    Trophy Points:
    113
    Location:
    Great Western Country
    Perth Mint has lowered this number to $2000 in one transaction-you won't be able to buy even 1oz of gold anonymously any more....
     
    66rounds and Real $ like this.
  9. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

    Joined:
    Jun 5, 2010
    Messages:
    15,802
    Likes Received:
    2,589
    Trophy Points:
    113
    Location:
    here there everywhere
    I have a print out framed on the wall
    Over $5K
    BUT
    90% of my customers pay EFT , but that's because most order large amounts of silver 1kg bars
    Most of my customers I know personally & most hardly come into the office .
    I try & ask most customers to do an EFT , unless it's small amounts .
    Not much walks into the office ( not being there much ,doesn't help )
    I have to go out to find stock & pay over spot depending on what I get shown , again most likely to do EFT payments.
     
    adze67, dollars and mmm....shiney! like this.
  10. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,613
    Likes Received:
    4,397
    Trophy Points:
    113
    That's one scenario.

    There are a multitude of scenarios around the possible introduction of a CBDC.

    Programmable central bank digital currencies are not a forgone conclusion if a CBDC is introduced.
     
  11. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,613
    Likes Received:
    4,397
    Trophy Points:
    113
    Might start a thread where members can post the KYC and Austrac related policies of various bullion dealers across Oz.
     
    Real $, dollars, BelfastChild and 2 others like this.
  12. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,987
    Likes Received:
    3,390
    Trophy Points:
    113
    Location:
    Melbourne
    That would be quite handy.
     
  13. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,613
    Likes Received:
    4,397
    Trophy Points:
    113
    66rounds likes this.
  14. bubblebobble2

    bubblebobble2 Administrator Staff Member Silver Stacker

    Joined:
    Feb 6, 2012
    Messages:
    5,343
    Likes Received:
    3,451
    Trophy Points:
    113
    Location:
    P!MP land-Seedeneey
    Ill sell mine to anonymous buyers if they want to buy with premium... always welcome :)
     
    Real $ likes this.
  15. serial

    serial Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2012
    Messages:
    5,942
    Likes Received:
    3,046
    Trophy Points:
    113
    Location:
    wa
    4gg1gi.jpg
     
    adze67, Shaddam IV, 66rounds and 3 others like this.
  16. Steveno

    Steveno Well-Known Member

    Joined:
    Aug 11, 2020
    Messages:
    216
    Likes Received:
    224
    Trophy Points:
    63
    Location:
    Victoria
    My relative bought a couple of silver kangaroo's every 2 or three weeks from Perth Mint total about 8 visits.
    Last visit the sales person said he should bring in ID next time.

    I thought they had stopped taking cash so why would they need any details.
     
    Real $ and ozcopper like this.
  17. serial

    serial Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2012
    Messages:
    5,942
    Likes Received:
    3,046
    Trophy Points:
    113
    Location:
    wa
    i havnt bought anything from perth mint for awhile now
    out of the blue i got an email requesting my details for their records
    lol i deleted it immediately
     
    Real $, adze67 and ozcopper like this.
  18. serial

    serial Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2012
    Messages:
    5,942
    Likes Received:
    3,046
    Trophy Points:
    113
    Location:
    wa
  19. serial

    serial Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2012
    Messages:
    5,942
    Likes Received:
    3,046
    Trophy Points:
    113
    Location:
    wa
    found it and its attachments in my trash box
     
    adze67, PM and ozcopper like this.
  20. BelfastChild

    BelfastChild Well-Known Member Silver Stacker

    Joined:
    Feb 21, 2022
    Messages:
    222
    Likes Received:
    405
    Trophy Points:
    63
    Location:
    Adelaide, S.A
    From AUSTRAC.....


    Identifying customers before providing a designated service


    • As of 17 June 2021, changes to the AML/CTF Act to explicitly prohibit reporting entities from providing a designated service if customer identification procedures cannot be performed.
    You must not provide a designated service to a customer unless applicable customer identification procedures (ACIP) have been carried out.

    This obligation applies regardless of whether it involves a one-off transaction or an ongoing business relationship.
     

Share This Page