ID Requirements

Discussion in 'Silver' started by zargor, Dec 8, 2010.

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  1. zargor

    zargor Member

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    Hi All

    Can anyone tell me what teh go is with ID requirements for Bullion Dealers.

    Bullionmark want ID although I have order only just above $5k worth of Silver in 2 tranches over about a month.

    BM also says that if I want to cancel teh order and have money refunded they have to notify Austracof refusal to give ID.

    Has this happened to anyone else recently?

    Zargor
     
  2. Matthew 26:14

    Matthew 26:14 New Member

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    It's a thing do to with anti-money laundering and anti-terrorism. Thats the spin the Gov't puts on it but you can bet they share data with the ATO also, scumbags the lots of them.
     
  3. boston

    boston Active Member Silver Stacker

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    Makes you wonder, doesn't it.
     
  4. goldpelican

    goldpelican Administrator Staff Member

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    Read the regulations published on the AUSTRAC website with regards to bullion dealers, threshold transactions and customer identification procedures.
     
  5. Agauholic

    Agauholic New Member

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    It seems from the evidence their 'counter-terror' efforts would be better spent examining diplomatic relationships with Arabian oil suppliers?

    Just sayin
    Ignorant Tax Payer
     
  6. goldpelican

    goldpelican Administrator Staff Member

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    Please discuss your concerns direct with the dealer in question - I've already had to remove one comment from this thread.
     
  7. goldpelican

    goldpelican Administrator Staff Member

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    Not sure about the Federal govt, but I know at a state level this sort of inter-departmental information sharing is nigh on impossible because of the privacy legislation. Sometimes they get things right.
     
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