BULLIONMARK & AUSTRAC $5000 threshold limit
- Thread starter Jimsilver
- Start date
Hey guys...read up on the AUSTRAC website for more information you why a bullion company needs to keep records of their clients as they are a reporting entity as defined in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. As they provide a designated service...
"Section 6 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) defines the provision of a 'designated service' and the person (the 'customer') to whom the designated service is provided.
Also look at the Explanatory Statement Anti-Money Laundering and Counter-Terrorism Financing Rules adding Chapters 29 to 34 of the AML/CTF Rules
....Chapter 33 'Applicable customer identification procedure for purchases and sales of bullion valued at less than $5000'
I recently quit financial services after 10years and the amount of new reporting and on going training of anti-money laundering increased significantly since the U.S lead war on terror..All of our new accounting/financial mirror U.S standards...food for thought....
The last time I bought some bullion (before the boating accident) I was asked for 100 point I.D for a cash puchase straight off the bat..Reason, to be compliant to know your client(KYC)
This is directly lifted from USA PATRIOT Act (2002) placed after 911.....Which is ironic in the fact that the biggest US bank, CitiBank is a money laurderer:
Following the Money Trail - to Citibank;Antonio Jquez, Proceso, Mexico City, Mexico, March 25, 2001.
Also:US banking giant Citibank is criticised at a Senate hearing into money laundering in the American banking system.
news.bbc.co.uk/2/hi/americas/511951.stm
Maybe for peace of mind to buy from a non-reporting entity?..
On another note. When I was a bank teller (CBD Sydney)in 2000 I phoned AUSTRAC to report a suspicous 9.5K cash deposit. I did this as the guy didnt look like our typical customer(we had jewellers and take away-shops) so I checked the account history and saw that it was his third deposit in the last hour..I deposited the cash and then restricted the account for no with-drawals. The guy tried to bank the same amount again short time after and was delayed by the bank teller unti internal fraud ran down..ha, I didnt even have to do any paperwork///
"Section 6 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) defines the provision of a 'designated service' and the person (the 'customer') to whom the designated service is provided.
Also look at the Explanatory Statement Anti-Money Laundering and Counter-Terrorism Financing Rules adding Chapters 29 to 34 of the AML/CTF Rules
....Chapter 33 'Applicable customer identification procedure for purchases and sales of bullion valued at less than $5000'
I recently quit financial services after 10years and the amount of new reporting and on going training of anti-money laundering increased significantly since the U.S lead war on terror..All of our new accounting/financial mirror U.S standards...food for thought....
The last time I bought some bullion (before the boating accident) I was asked for 100 point I.D for a cash puchase straight off the bat..Reason, to be compliant to know your client(KYC)
This is directly lifted from USA PATRIOT Act (2002) placed after 911.....Which is ironic in the fact that the biggest US bank, CitiBank is a money laurderer:
Following the Money Trail - to Citibank;Antonio Jquez, Proceso, Mexico City, Mexico, March 25, 2001.
Also:US banking giant Citibank is criticised at a Senate hearing into money laundering in the American banking system.
news.bbc.co.uk/2/hi/americas/511951.stm
Maybe for peace of mind to buy from a non-reporting entity?..
On another note. When I was a bank teller (CBD Sydney)in 2000 I phoned AUSTRAC to report a suspicous 9.5K cash deposit. I did this as the guy didnt look like our typical customer(we had jewellers and take away-shops) so I checked the account history and saw that it was his third deposit in the last hour..I deposited the cash and then restricted the account for no with-drawals. The guy tried to bank the same amount again short time after and was delayed by the bank teller unti internal fraud ran down..ha, I didnt even have to do any paperwork///
hihosilver
New Member
Jimsilver,
I reckon your topic has brought up another interesting discussion about a noteworthy dealer(s). It has certainly stirred a hornets nest of conversation amongst SS members which can only be used for the greater good so, keep on truckin I say!
Like all online purchase websites nowadays you should read the fine print because ignorance is not an excuse but being stung for $95.00 is a kick in the guts. I run a business and as they say "business is business" and I know if I charged a customer $95.00 service charge like that I would (1) lose perhaps $300 chasing it down (2) lose potential future customers through word of mouth (3) or my front desk would receive a barrage if 4 letter insults across my front desk therefore, there are other dealers around that you can take your business to if you are not 100% happy with a particular one. I reckon, perhaps next time just think carefully about how you phrase your discussion because just like any business or forum you never know what connections are behind the scene or who you may offend.
On the topic though, I suspect many members are now richer for the content and insight you've brought up - thank you.
I reckon your topic has brought up another interesting discussion about a noteworthy dealer(s). It has certainly stirred a hornets nest of conversation amongst SS members which can only be used for the greater good so, keep on truckin I say!
Like all online purchase websites nowadays you should read the fine print because ignorance is not an excuse but being stung for $95.00 is a kick in the guts. I run a business and as they say "business is business" and I know if I charged a customer $95.00 service charge like that I would (1) lose perhaps $300 chasing it down (2) lose potential future customers through word of mouth (3) or my front desk would receive a barrage if 4 letter insults across my front desk therefore, there are other dealers around that you can take your business to if you are not 100% happy with a particular one. I reckon, perhaps next time just think carefully about how you phrase your discussion because just like any business or forum you never know what connections are behind the scene or who you may offend.
On the topic though, I suspect many members are now richer for the content and insight you've brought up - thank you.
metal.blacksmiths
Member
NVM
This is a thread from 2010/11 - not sure why it came back to the top.