Buying precious metals anonymously these days is getting harder.

BelfastChild

BelfastChild

Well-Known Member
Silver Stacker
Seems like buying precious metals anonymously these days is getting harder.

I’ve picked up silver from Peter Beck in Adelaide several times without issue but now they want full personal details from every buyer.

I just made an order and got a questionnaire emailed to me which had to be completed before the order would be processed.

They stated…..

Peter W Beck Pty Ltd has a requirement under Australia’s Anti Money Laundering and Counter-Terrorism Financing Act 2006, to perform identification checks for all customers and suppliers in relation to refining transactions. AUSTRAC recently released new guidelines for bullion dealers which place a greater responsibility on us to understand, verify and maintain records of our customers.

All dealers seem to be going that way now. :(
 
BelfastChild said:
Yep, order was only for a couple of 10oz bars.

They now want ID certification via a JP if you can't attend in person.

Makes this forum all the more relevant as a trading platform.
Click to expand...

I hope you did not comply and simply said no thank you:D
 
dragafem said:
Even under $5000? More reason to support this community.Plenty of goodies here at a reasonable price.
Click to expand...
Absolutely agree, and when difficult to source here it's not a bad idea to hedge price via unallocated until what you're after is available here.
 
Taken directly from the AUSTRAC site...


CUSTOMER IDENTIFICATION PROCEDURES FOR PURCHASES AND SALES OF
BULLION VALUED LESS THAN $5,000
Bullion dealers are not required to carry out the applicable customer identification
procedures for purchases or sales of bullion when the retail value of the transaction is less
than $5,000 AUD or the foreign currency equivalent.
This exemption does not apply where a bullion dealer determines in accordance with its
appropriate risk based systems and controls that for ongoing customer due diligence
purposes, it should obtain, update or verify any 'know your customer' information about a
customer.
 
mmm....shiney! said:
@spannermonkey, what's your business policy on ID?
Click to expand...
I have a print out framed on the wall
Over $5K
BUT
90% of my customers pay EFT , but that's because most order large amounts of silver 1kg bars
Most of my customers I know personally & most hardly come into the office .
I try & ask most customers to do an EFT , unless it's small amounts .
Not much walks into the office ( not being there much ,doesn't help )
I have to go out to find stock & pay over spot depending on what I get shown , again most likely to do EFT payments.
 
That's one scenario.

There are a multitude of scenarios around the possible introduction of a CBDC.

Programmable central bank digital currencies are not a forgone conclusion if a CBDC is introduced.
 
BelfastChild said:
Taken directly from the AUSTRAC site...


CUSTOMER IDENTIFICATION PROCEDURES FOR PURCHASES AND SALES OF
BULLION VALUED LESS THAN $5,000
Bullion dealers are not required to carry out the applicable customer identification
procedures for purchases or sales of bullion when the retail value of the transaction is less
than $5,000 AUD or the foreign currency equivalent.
This exemption does not apply where a bullion dealer determines in accordance with its
appropriate risk based systems and controls that for ongoing customer due diligence
purposes, it should obtain, update or verify any 'know your customer' information about a
customer.
Click to expand...

Might start a thread where members can post the KYC and Austrac related policies of various bullion dealers across Oz.
 
My relative bought a couple of silver kangaroo's every 2 or three weeks from Perth Mint total about 8 visits.
Last visit the sales person said he should bring in ID next time.

I thought they had stopped taking cash so why would they need any details.
 
From AUSTRAC.....


Identifying customers before providing a designated service

  • As of 17 June 2021, changes to the AML/CTF Act to explicitly prohibit reporting entities from providing a designated service if customer identification procedures cannot be performed.
You must not provide a designated service to a customer unless applicable customer identification procedures (ACIP) have been carried out.

This obligation applies regardless of whether it involves a one-off transaction or an ongoing business relationship.
 
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