AUSTRAC and Site Sponsors

Discussion in 'Forum News / Announcements' started by Administrator, Apr 1, 2013.

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  1. Australian businesses dealing in bullion have obligations under the AML/CTF Act.

    Please note that it is a requirement for all Australian site sponsors who are carrying on a business to be correctly registered with AUSTRAC as a provider of designated services if dealing with bullion, and to correctly follow KYC and threshold limit requirements when providing services to Silver Stackers members, in the interests of protecting the entire bullion stacking community from unnecessary scrutiny that may arise from instances of non-compliance by site sponsors.

    While not definitive, the following list at http://www.ato.gov.au/content/00348320.htm can help determine if you are carrying on a business, with the more questioned answered yes, the greater the likelihood you are carrying on a business. Of important note, the purchase of a site sponsor status would satisfy point 2. If in doubt you can seek a private ruling from the ATO to determine if you are carrying on a business or not.

    If you are carrying on a business that deals in bullion, you will have have obligations under the AML/CTF Act. More information is available from http://www.austrac.gov.au/enrolment_registration.html
     
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