We’ve covered this issue before but it is still one of the most popular questions we get asked by people registering to buy gold and silver bullion on www.perthmintbullion.com.
When you register, we ask for a primary identification document containing your photo and current residential address - an Australian Driver Licence or Passport is perfect.
If the ID document does not contain a photo or address, you’ll need to supply a secondary ID document containing your current residential address – for example a recent utility bill.
Individuals in Australia should complete their ID checks either at The Perth Mint Shop or at one of 3,200 participating Australia Post retail outlets - click here for more information. For overseas clients, we require you to send us two certified/notarized ID documents.
We make these ID checks under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 which requires us to be able to appropriately identify customers of bullion products.
The legislation considers bullion to be something that could be used to transfer cash to organisations involved in illegal activities. The requirement doesn’t just apply to The Perth Mint – it applies to anyone in Australia who supplies gold bullion.
Under the Act, which is administered by AUSTRAC, the limit for bullion trade without identification is A$5,000.
Even if you intend to buy precious metal in minimal quantities, we still insist on completion of the ID check. That’s because, like other online retailers, we face an unfortunate threat from internet fraudsters.
Hopefully, you do not consider the requirements draconian. You only have to identify yourself to us once – not for every transaction. And remember, the legislative requirements do not automatically involve reporting your details to any Government authority.
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