Perth Mint ID Requirements
- Thread starter glittery bits
- Start date
Austacker said:spclst69 said:
There must be a value that they need to collect details ? I would have thought under a $1K should be OK, so it looks like lots of little purchases to stay like the Phantom LOL
Should change my username to The Phantom.
the signs around the bullion counter do say for purchases over $5000 ID will be recorded. Any form of jewellery buyback for any $ value ID will be recorded.Pretty sure bullion buyback over $5000 ID is required. (don't quote me on this one)
Had a chat with the Shop Manager. The ID under $5000 is really only if the transaction/behaviour is suspicious. Something that would be suspicious is (actual case) guy came in with three other family members and they all purchased under 5k and then turned up the next day to do the same thing.
From a staff members point of view it is very difficult to judge when a customer is deliberately trying to avoid providing ID and who is just genuinely trading at different times.
Without knowing the circumstances of your purchases, it may have just been an overly zealous staff member - just because you are regular sub $5k customer doesn't mean we need your ID.
We are having a training session for staff on what is "suspicious", so hopefully that will result in consistent application of our policy. There is a sign in the shop stating how we handle repetitive transactions under $5k.
If you think the ID request is unjustified, just ask to speak to the supervisor/manager.
From a staff members point of view it is very difficult to judge when a customer is deliberately trying to avoid providing ID and who is just genuinely trading at different times.
Without knowing the circumstances of your purchases, it may have just been an overly zealous staff member - just because you are regular sub $5k customer doesn't mean we need your ID.
We are having a training session for staff on what is "suspicious", so hopefully that will result in consistent application of our policy. There is a sign in the shop stating how we handle repetitive transactions under $5k.
If you think the ID request is unjustified, just ask to speak to the supervisor/manager.
glittery bits
New Member
Thanks Bron, that makes more sense.
I wouldn't have thought once every couple of month would be suspicious. Looks like i need to Phantom it up.
I wouldn't have thought once every couple of month would be suspicious. Looks like i need to Phantom it up.
I can't see how once a couple of month can be construed as suspicious.
AUSTRAC requires ID to be recorded for $5000 or more - $10,000 is the reporting threshold for cash transactions.hiradi said:we should NOT have to ID for any transaction under $10K...Big Brother slowly moving into the Stackers...
If a dealer records ID for a $5000 purchase, it doesn't go to AUSTRAC automatically - just placed on file. Of course the issue is whether the dealer stores this information securely, and whether they are "overcollecting" identification material.