Australian Coin and Bullion Exchange

Discussion in 'General Precious Metals Discussion' started by goldpelican, Dec 8, 2010.

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  1. trew

    trew Active Member Silver Stacker

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    it's Australian Austrac law so applicable in all states

    my understanding is no ID needed for a purchase under $5000 but you might be asked for ID if combined purchases over time go over $5000,
    or if the dealer thinks something shifty is going on (like you, your wife, brother and mother-in-law all make purchases of $4900)

    Depends on the dealer too - some dealers ask for ID for any purchase - even $100
     
    trew, Feb 9, 2014
    #61
  2. BiGs

    BiGs Active Member

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    Interesting. How would they know you have come back if they have not logged your identity? I'm talking on a monthly basis, not walking out and back in again. Does Austrac law say each transaction? Or accumulative?
     
    BiGs, Feb 9, 2014
    #62
  3. bron suchecki

    bron suchecki Active Member Silver Stacker

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    There are few hard and fast rules from Austrac, it is a "risk based" approach which means it is up to the dealer to assess the risk of something dodgy going on. IMO once a month is not suspicious and does not require ID
     
    bron suchecki, Feb 9, 2014
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  4. BiGs

    BiGs Active Member

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    Ah ok. Thanks for clarification. I'll have to test this out this year.
     
    BiGs, Feb 10, 2014
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