know your customer policy

Who This Policy Applies To

This policy applies to customers and transactions covered by our AML/CTF obligations. Depending on the transaction structure and risk profile, this includes:

• Individual retail and wholesale customers
• Proprietary and public companies
• Family, unit, and discretionary trusts
• Self-Managed Super Funds (SMSFs)
• Customers acting through appointed legal agents or authorised representatives

Bullion Transactions & Customer Due Diligence

Bradford Coins & Stamps deals in precious metals, including gold, silver, platinum, and palladium. In accordance with Australian regulatory guidance, bullion includes precious metals valued primarily by weight and fineness (such as bars, ingots, wafers, and bullion coins including gold sovereigns).

Collector coins, proof coins, and numismatic items are treated separately depending on their market attributes and applicable legal framework.

Initial Customer Due Diligence Exemption Rules

In accordance with AUSTRAC bullion dealer guidance, an exemption from initial Customer Due Diligence (CDD) applies only when both conditions are met:

1. The retail value of the bullion bought or sold is less than $5,000 AUD.
2. The customer or transaction does not require Enhanced Customer Due Diligence (EDD).

Note: If Enhanced Customer Due Diligence is required, initial identity verification must be completed regardless of the transaction value.

Identification & Verification Requirements

Individual Customers

Individuals may be requested to provide primary and secondary identification documents, such as:

• Government-issued photo ID (Australian Driver's Licence or Passport)
• Proof of residential address and contact details
• Source of funds or source of wealth documentation (where risk levels warrant)

Companies, Trusts, and SMSFs

Corporate entities and legal arrangements must submit structural and control documentation, including:

• ASIC company extracts and Australian Business Number (ABN) registration details
• Trust deeds and partnership agreements
• Identification details for ultimate beneficial owners (UBOs), directors, and trustees
• Self-Managed Super Fund (SMSF) trust documentation

Authorised Representatives

Where an individual acts on behalf of another party, we verify both the representative's identity and their legal authority (e.g., Power of Attorney or formal letter of authorisation).

Source of Funds vs. Source of Wealth

When enhanced checks apply, customers may need to clarify the financial origin of their transaction:

• Source of Funds: Refers specifically to the origin of the money used for a specific transaction (e.g., bank statements, business earnings).
• Source of Wealth: Refers to how the customer acquired their overall net worth over time (e.g., asset sales, inheritance, investments).

AUSTRAC Reporting & Cash Thresholds

• Threshold Transaction Reports (TTR): Physical currency transactions (banknotes and coins) of $10,000 AUD or more are reported to AUSTRAC.
• Structuring Prohibited: Splitting transactions into smaller amounts to evade verification or reporting thresholds is illegal under Australian law and will trigger a Suspicious Matter Report (SMR).
• Suspicious Matter Reporting: Unusual patterns, refusal to provide required ID, or unexplained transactions are reported to AUSTRAC as required by law.

Record Retention & Privacy Protection

All identification records, transaction data, and due diligence documents are held securely under strict administrative and technical safeguards. In compliance with Australian AML/CTF rules, records are retained for a minimum of 7 years from the date of creation or account closure.

Contact Bradford Coins & Stamps

If you have questions regarding our KYC requirements or need assistance providing compliance documentation, please contact our team: