Kyc Policy

Bradford Coins Bullion Know Your Customer (KYC) Policy

Last Updated: 16 October 2026

This Know Your Customer (KYC) Policy outlines how Bradford Coins conducts identity verification, customer due diligence, and risk management for bullion and precious metal transactions across Australia. Our KYC protocols form an integral component of our Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) compliance framework, designed to detect and prevent financial crime under guidelines administered by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Quick Summary: Bullion KYC Requirements at a Glance

  • Mandatory Identification: Required for designated bullion transactions and high-risk customer profiles.
  • $5,000 Threshold Exemption: Retail bullion transactions under $5,000 AUD are generally exempt from initial identity verification unless Enhanced Due Diligence (EDD) is triggered.
  • Cash Reporting Threshold: Physical cash transactions (currency notes and coins) of $10,000 AUD or more are reported to AUSTRAC via Threshold Transaction Reports (TTRs).
  • Data Retention & Security: All verification records are encrypted and retained for the statutory 7-year retention period.

1. Scope of Policy

This policy applies to all customers and transactions subject to Australian AML/CTF obligations, covering:

  • Individual retail, collector, and wholesale purchasers.
  • Proprietary limited (Pty Ltd) and public corporate entities.
  • Family, unit, and discretionary trusts.
  • Self-Managed Super Funds (SMSFs).
  • Authorized representatives or individuals acting under formal legal appointment.

2. Bullion Transactions & Customer Due Diligence

Bradford Coins buys and sells investment-grade precious metals, including gold, silver, platinum, and palladium. Under Australian regulatory guidance:

  • Bullion: Comprises precious metals valued primarily by pure metal weight and fineness (such as minted ingots, cast bars, trade wafers, and bullion-grade circulation coins like gold sovereigns).
  • Numismatic Items: Collector coins, historic currency, and proof sets are classified and handled separately based on their numismatic attributes and relevant statutory frameworks.

Initial Customer Due Diligence Exemption Rules

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

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

Note: If Enhanced Customer Due Diligence is warranted by risk indicators, identity verification must be completed regardless of the transaction amount.

3. Required Identification & Verification Documentation

Entity Type Required Documentation
Individuals & Sole Traders
  • Primary government-issued photo ID (valid Australian Driver's Licence or Passport).
  • Proof of current residential address (utility bill or bank statement issued within 3 months, if not matching photo ID).
  • Source of funds or wealth declarations where risk thresholds require verification.
Companies, Trusts & SMSFs
  • Current ASIC company extract and ABN registration confirmation.
  • Formal trust deed, SMSF deed, or partnership agreement.
  • Identity verification for all Beneficial Owners (owning 25% or more), directors, and appointed trustees.
Authorised Representatives
  • Primary government-issued photo ID of the appointed representative.
  • Formal legal instrument granting authority (e.g., enduring Power of Attorney or corporate letter of authorization).

4. Source of Funds vs. Source of Wealth

When enhanced compliance reviews apply, customers may be asked to clarify the provenance of their capital:

  • Source of Funds: Refers to the specific origin of the monies utilized to settle a particular transaction (e.g., commercial bank transfer, verified payroll earnings, or business proceeds).
  • Source of Wealth: Explains the broader economic activities through which an individual or business accumulated their overall net worth (e.g., long-term investments, property divestment, company distributions, or inheritance).

5. AUSTRAC Statutory Reporting & Compliance Safeguards

  • Threshold Transaction Reports (TTR): Physical currency payments (notes and coins) of $10,000 AUD or more must be formally lodged with AUSTRAC.
  • Anti-Structuring Protocols: Deliberately dividing transactions into smaller increments to circumvent reporting or verification limits is illegal under Australian law and mandates the filing of a report.
  • Suspicious Matter Reporting (SMR): Transactions exhibiting unusual settlement behavior, inconsistent explanations, or customer refusal to satisfy identity requirements are documented and reported to AUSTRAC as required by statute.

6. Record Retention & Privacy Protection

All verification dossiers, identification copies, and transaction ledgers are stored within secure, encrypted repositories subject to strict administrative controls. Under Australian AML/CTF legislation, records must be retained for a mandatory minimum of 7 years from the date of the transaction or termination of the business relationship. For additional details regarding information security, please review our full Privacy Policy.

7. Compliance Enquiries & Contact Information

If you have questions regarding our due diligence standards or require assistance completing your customer onboarding documentation, contact our compliance team directly:

  • Entity: Bradford Coins & Stamps
  • Physical Address: 165 Bunda Street, Parramatta Park QLD 4870, Australia
  • Telephone: (07) 4051 3784
  • Email: bradco@bigpond.net.au

Frequently Asked Questions (FAQ)

When might Bradford Coins ask me for identification?

Identity verification is conducted whenever mandated by Australian AML/CTF law, when transactions involve bullion of $5,000 AUD or greater, when Enhanced Due Diligence criteria are met, or when transactions exhibit unusual characteristics requiring verification.

Does every bullion purchase require customer due diligence?

No. Retail bullion transactions valued below $5,000 AUD are generally exempt from initial identity verification, provided no risk factors trigger Enhanced Customer Due Diligence (EDD).

What is the difference between source of funds and source of wealth?

Source of funds identifies the specific origin of the money used for an individual purchase. Source of wealth refers to the overarching financial background and commercial activities that generated your overall net worth over time.

What happens if I refuse to provide required identification?

If mandated identification or required compliance documentation is not supplied, Bradford Coins is legally obligated to suspend, delay, or decline the order in adherence to Australian anti-money laundering regulations.

How long are customer KYC records retained in Australia?

Under Australian AML/CTF legislation, customer due diligence records, identification verifications, and order documentation must be retained for at least 7 years.

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