KYC Policy

Legal

KYC Policy

1. Introduction

This Know Your Customer (KYC) Policy explains how Bradford Coins & Stamps confirms the identity of our customers. We comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and follow AUSTRAC guidance.

Our KYC process helps us to:

  • Prevent our services being used for money laundering, terrorism financing, or other illegal activity
  • Confirm transactions are genuine and appropriate
  • Keep our business clear, transparent, and accountable

2. Scope

This policy applies to all clients, including individuals, companies, trusts, and self-managed superannuation funds (SMSFs). It also applies to anyone authorised to act on a client’s behalf.

3. KYC verification requirements

3.1 When we require ID checks
We must confirm a customer’s identity for:

  • Any transaction of AUD $5,000 or more
  • Any cash transaction of AUD $10,000 or more (this may require a Threshold Transaction Report)
  • Any transaction we consider suspicious, regardless of value
  • Any client we place under enhanced checks (enhanced due diligence)

3.2 Individual clients
We may ask for one or more of the following:

  • Government-issued photo ID (for example, a driver licence or passport)
  • Proof of address (for example, a utility bill, bank statement, or rental agreement)
  • Evidence of source of funds (when requested)

3.3 Companies and trusts
In addition to identifying directors, trustees and/or beneficiaries, the entity must provide:

  • An ASIC company extract or ABN registration
  • A trust deed (for trusts and SMSFs)
  • A certificate of incorporation or other business registration documents

3.4 Authorised representatives
If someone is acting for a client, we require:

  • Written authority from the client
  • Proof of identity for both the representative and the client

4. How we verify identity

We may verify identity by:

  • Sight­ing original documents in person at our office
  • Receiving scanned documents through a secure upload
  • Using third-party verification services where available

All documents must be current, clear, and genuine. If details are missing or do not match, we may delay or decline the transaction until the issue is resolved.

5. Storage and retention of KYC data

We store KYC records securely and in line with AUSTRAC requirements:

  • Documents are stored in secure, encrypted digital systems
  • Records are kept for at least seven (7) years. This starts from the last transaction or the end of the customer relationship, whichever is later
  • Access is restricted to authorised staff only

6. Ongoing monitoring

We monitor customer activity to help identify:

  • Unusual behaviour or transaction patterns
  • Frequent large transactions without a clear explanation
  • Multiple accounts linked to the same customer
  • Missing, expired, or outdated KYC details

We may ask customers to update their information from time to time, or when required by law.

7. Refusal or suspension of service

We may:

  • Decline a transaction or end a business relationship if acceptable KYC documents are not provided
  • Pause transactions while further checks are completed
  • Report suspicious matters to AUSTRAC where required

8. Review and updates

We review this KYC Policy at least annually, and earlier if laws or our business operations change.

9. Contact

If you have questions about this KYC Policy, please contact:

Bradford Coins & Stamps
Phone: (07) 4051 3784
Email: bradco@bigpond.net.au
Website: www.bradfordcoins.com.au
Address: 165 Bunda St, Parramatta Park QLD 4870

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