KYC Policy
Know Your Customer
City Gold Bullion is an established Australian precious metals dealer with close to 30 years of industry experience.
As a reporting entity providing designated services under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, we are required to maintain an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program.
As part of this program, City Gold Bullion conducts customer due diligence to:
- Identify and verify our customers
- Understand the nature and purpose of their transactions
- Identify the individuals who own, control or act on behalf of an account
- Assess and monitor potential money laundering, terrorism financing and proliferation financing risks
Australia’s AML/CTF laws are administered by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and form part of Australia’s broader commitment to protecting the financial system from criminal activity.
City Gold Bullion regularly reviews its procedures in line with changes to AML/CTF legislation and AUSTRAC guidance. Personal information collected during the verification process is handled securely and in accordance with applicable privacy laws and our Privacy Policy.
When will I need to provide identification?
Our identification requirements depend on whether your transaction is completed online or in-store.
Online transactions:
Valid government-issued photo identification is required for all online transactions, regardless of the transaction value.
In-store transactions:
For transactions completed in-store, valid government-issued photo identification is required when:
- You are selling a second-hand item to City Gold Bullion; or
- The total value of your transaction is $5,000 or more.
We may also request identification or additional supporting information in other circumstances where required to meet our legal, regulatory or customer due-diligence obligations.
What forms of identification are accepted?
We generally accept current government-issued photo identification, including:
- An Australian driver’s licence
- An Australian proof-of-age card
- A valid passport
If your identification does not show your current residential address, you may also be required to provide proof of address, such as a recent utility bill, bank statement or rental agreement.
What information is required to register an account?
The information and documentation required will depend on the type of account you are opening.
Individual customers will generally need to provide their:
- Full legal name
- Date of birth
- Residential address
- Phone number and email address
- Valid government-issued photo identification
Customers registering a company, trust, Self-Managed Super Fund, sole trader or jeweller/distributor account may also need to provide:
- Business or entity details
- ABN, ACN or other registration information
- A company extract, trust deed or SMSF documentation
- Identification for trustees, directors, authorised representatives and other relevant individuals
- Information required to identify and verify beneficial owners
- Evidence confirming a person’s authority to act on behalf of the entity
Additional information may be requested depending on the account structure, nature of the transaction or assessed level of risk.
What are the requirements for trusts and Self-Managed Super Funds?
Customers registering a trust or SMSF account will generally be required to provide a complete copy of the executed trust deed, including any amendments or variations.
We may also require identification and supporting information for trustees, directors of a corporate trustee, authorised representatives, beneficiaries or other relevant individuals associated with the trust or fund.
Certified copies may be requested in certain circumstances.
How do I submit my identification and supporting documents?
Identification and supporting documents can be uploaded securely during the online registration process.
All documents must be current, complete, clear and legible. Colour scans or clear digital photographs are preferred. Information must remain fully visible, and documents must not be cropped, altered or obscured.
If further documentation is required, a member of our team will contact you during the account review process.
How long does account verification take?
Account verification generally takes one to two business days after all required information and documentation have been received.
Processing may take longer if additional information is required or if a company, trust or other entity has a more complex ownership structure. You will be notified by email once your registration has been approved.
Why might City Gold Bullion request additional information?
Our customer due-diligence obligations are risk-based. Depending on the customer, account structure or transaction, we may need to request further information regarding:
- The purpose of the account or transaction
- Beneficial ownership or control
- A person’s authority to act
- The source of funds
- The source of wealth
If we are unable to satisfactorily verify the required information, we may be unable to approve an account, complete a transaction or continue providing services.
Where can I find more information?
Further information about customer due diligence and Australia’s AML/CTF requirements is available on the AUSTRAC website.
AUSTRAC can also be contacted on 1300 021 037 or through its online enquiry form.