The KYC (Know Your Customer) process involves verifying a customer’s identity before allowing them to buy, sell, or store precious metals.

It is a legal requirement under AUSTRAC regulations designed to prevent money laundering, terrorism financing, and other illicit activities.

KYC is necessary because large purchases of physical metals, particularly cash transactions over $10,000 AUD, are considered high-risk under AML laws.

Verifying identities ensures funds come from legitimate sources and complies with Australian law.

KYC (Know Your Customer) verifies a client’s identity. AML (Anti-Money Laundering) checks involve ongoing monitoring of transactions to ensure funds are not linked to criminal activity.

KYC is the first step, while AML is an ongoing compliance obligation.

KYC protects investors by ensuring metals are purchased through legitimate, regulated channels. It reduces the risk of involvement in fraudulent transactions, stolen assets, or money laundering schemes.

KYC typically requires:

• Full name, date of birth, and residential address
• A valid government-issued ID, such as a passport or driver’s licence
• Proof of address, such as a utility bill or bank statement
• Source of funds for large or high-value transactions

KYC is generally required for:

• Transactions of $5,000 AUD or more
• Cash payments of $10,000 AUD or more, which are also reported to AUSTRAC
• Ongoing transactions where businesses may request updated information for compliance

Not for all transactions. Smaller purchases under $5,000 AUD may not require full KYC, though businesses may still request basic identification.

High-value transactions, cash payments above $10,000 AUD, or high-risk transactions always require full verification.

Exceptions are extremely limited.

Certain low-risk, low-value transactions may not trigger full KYC, but high-value, cash, or international transactions always require full verification.

Not usually. Once identity verification is complete and records are current, repeated purchases may not require new verification. Updated documents may be requested periodically or for high-value transactions.

Yes. Remote verification can be completed via secure online portals, video calls, or certified electronic documents. Remote KYC must still meet regulatory standards for identity verification and document authenticity.

Yes. Businesses can invest in precious metals, but KYC verification must be completed for the company as well as all directors, officers, and beneficial owners. This includes providing official corporate documents alongside personal ID to meet AML and AUSTRAC requirements.

Business KYC typically requires:

• Certificate of incorporation or business registration documents.
• Details of directors, officers, and beneficial owners.
• Personal identification (passport, driver’s licence) and proof of address for all key individuals.
• Proof of source of funds for high-value transactions.

Yes. SMSFs investing in precious metals must provide verification documents for the fund, the trustees, and all relevant members to comply with AUSTRAC and AML regulations.

SMSF KYC typically requires:

• SMSF trust deed and Australian Business Number (ABN).
• Personal ID and proof of address for all trustees and members.
• Source of funds or bank statements supporting contributions used to purchase metals.
• Custodian or storage agreement if metals are being vaulted.

Yes. Each trustee and member must provide personal identification and proof of address, regardless of whether the purchase is made under the fund’s name. This ensures full regulatory compliance.

Yes. Transactions over $5,000 AUD or cash payments of $10,000 AUD or more are subject to KYC and AUSTRAC reporting rules, whether conducted by an individual, a company, or an SMSF.

Yes. Regulatory obligations require that businesses and SMSFs update their KYC information if there are changes in trustees, directors, beneficial owners, or when transactions are unusually high or complex.

The business cannot process the transaction. For SMSFs, this means purchases or vaulting of metals cannot proceed until KYC verification is completed.

Non-compliance can result in declined transactions and may expose the business or fund to regulatory penalties.

Yes. Many regulated businesses allow secure remote verification via online portals, video calls, or certified electronic documents.

All documents must meet AUSTRAC standards for identity verification.

Customer information collected during KYC is securely stored and managed in line with Australian privacy laws. It is used solely for verification, compliance, and regulatory reporting purposes and is never shared outside legal obligations.

Transactions cannot proceed without completing KYC verification. Failure to provide the required information may result in delays, declined transactions, or inability to access vaulting or purchase services.

Yes. If a customer cannot provide necessary identification or information, a business is legally obliged to refuse the transaction, ensuring compliance with AUSTRAC and AML regulations.

Cash transactions of $10,000 AUD or more, series of linked transactions structured to avoid reporting, international transfers, and unusual transactions must be reported to AUSTRAC.

Records are securely stored for a legally required period, usually seven years, as part of AML and compliance obligations. They are used for audits, reporting, or regulatory investigations.

Yes. Recipients of metals through prize draws or gifts may need to complete KYC verification to comply with AUSTRAC and AML regulations.

Yes. AUSTRAC and AML regulations are regularly updated.

We may request additional information or updated documents to remain compliant, especially for ongoing high-value clients or unusual transactions.