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
     
    zargor, Dec 8, 2010
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  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.
     
    Matthew 26:14, Dec 8, 2010
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  3. boston

    boston Well-Known Member Silver Stacker

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    Makes you wonder, doesn't it.
     
    boston, Dec 8, 2010
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  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.
     
    goldpelican, Dec 8, 2010
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  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
     
    Agauholic, Dec 8, 2010
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  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.
     
    goldpelican, Dec 8, 2010
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  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.
     
    goldpelican, Dec 8, 2010
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