Australian Coin and Bullion Exchange

[trew]

So I can buy up to $5000 at a time from Sydney bullion dealers with cash and without showing ID? Or could this be a VIC state law only? Can anyone confirm this is the case for KJCs? And any other street front bullion dealer in Sydney?

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

 

[BiGs]

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?

 

[bron suchecki]

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

 

[BiGs]

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

Ah ok. Thanks for clarification. I'll have to test this out this year.