Anti money laundering procedures
Gold, one of the oldest and most coveted physical assets, remains the subject of widespread money laundering despite the growing regulatory attention to the risks of emerging financial crimes associated with cryptoassets. remains a risk.
Gold has intrinsic value, is easily smuggled, and can be exchanged anonymously anywhere in the world. Reports, research, and first-hand evidence all confirm that risks in this area are not new, are as common as they have been, and are likely to remain so for the foreseeable future. .
Protecting our customer and preventing Fraud
At London Gold Centre, we commit to protecting our customers from money laundering and takes compliance with money laundering regulations seriously. Doing so leads us to:
– All customers making purchases over his £10,000 or foreign currency equivalent through our website will be required to complete an AML declaration and provide proof of identity.
– To prevent individuals from using our site to purchase gold or other precious metals for illegal purposes, customers purchasing less than £10,000 may be asked for a copy of their ID and/or utility bill. This requirement helps protect our customers who lawfully use our services.
– Please note that all AML compliance documentation is maintained in accordance with data protection laws.
Online transaction limits:
– Under 5000 GBP Customers can Pay Online:
From 5001 to £10,000 per order online customers can and pay by bank transfer ( Unless these customers have been referred to us by our Asset management network who would have pervasively conducted a du diligence.
-Customers can purchase up to £50,000 per order online via bank transfer. Please note that all customer accounts have a transaction limit of £10,000. You are free to do this by providing two types of identities. Customers presenting two types of ID can purchase products online up to £50,000 per order.
Why do we put into in place transaction limitations
We have a felony responsibility to conform with Government and EU rules on Anti Money Laundering, Fraud and Terrorism. As a commercial enterprise our obligation is to perform the essential tests and positioned structures in area to protect towards cash laundering and to fight monetary crime. The Money Laundering Regulations 2007 require suitable ID to be taken while sure transactions take area. The rules kingdom that due diligence need to be entire wherein BB24 are: “sporting out an occasional transaction with a client valued at £10,000 or extra.
Please be aware: Each transaction is established via a fraud screening procedure furnished through our steady gateway and while required we can also additionally ask for identity from you to confirm your self because the client.
This is a movement endorsed through the fee gateway for the duration of the fraud screening. The ID asked might be used to confirm you on the said address. For a couple of transactions located through clients from one singular address, we can also additionally touch you for identity.
Acceptable kinds of ID
– Passport
– Full UK riding licence
– UK Residency card
Acceptable shape for evidence of address
Bank statement (ultimate three months best)
Utility bill (ultimate three months best)
Council tax statement
Full UK riding licence (best if now no longer used as a shape of pictureID)
Note: We do not be given credit score card statements or cellular smartphone bills.
What we do together along with your ID
Identification we’ve got asked from you is used to confirm your identity, consistent with anti-cash laundering guidelines. This data isn’t always offered or used for remarking. Information you offer is recorded through certainly considered one among our skilled team, within-side the overall performance in their responsibilities best. For extra data on how we hold and use your data, please see our Privacy Policy-
