Under the Anti Money Laundering / Counter Terrorism Financing legislation, it is a requirement for AUSTRAC customer identification procedures to be followed for certain transactions by providers of "designated services". As a bullion dealer, Little Coin Shop is required to abide by this legislation.
What are the thresholds?
For single orders from Little Coin Shop under $5,000 AUD, no customer identification is required.
For single orders of $5,000 AUD or more from Little Coin Shop, customer identification is required.
Orders cannot be shipped until customer identification procedures have been completed.
At times Little Coin Shop may elect to request customer identification based on transaction patterns and history. Under no circumstances can we structure transactions, or discuss the structuring of transactions, to avoid customer identification or reporting requirements.
What is the process?
Little Coin Shop is required to confirm your full name, and either your date of birth or residential address, in order to comply with minimum AUSTRAC customer identification procedures. This requirement can be met by supplying a certified copy of your driver’s licence or passport, sent via postal mail.
All identity documentation should be posted to the following address:
Little Coin Shop
C/o 103 Argyle Street
Traralgon, VIC 3820
Little Coin Shop recommends Registered Mail for sending your proof of identity documentation.
If you are purchasing in the capacity of a business or on behalf of a SMSF or trust, customer identification procedures are still required to be followed. Additional information such as the business name, business address and ABN are required to be provided.
Ongoing customer due diligence (OCCD) is a process required to be followed by all providers of designated services, including bullion dealers. In order to comply with OCCD, Little Coin Shop may determine that additional customer identification procedures be followed under some circumstances, even when published thresholds have not been reached. Should this be necessary Little Coin Shop may contact you requesting additional customer identification.
What happens with my personal information?
Little Coin Shop treats customer privacy and confidentiality seriously. Your information is NOT provided to AUSTRAC by default - this is only required when "suspicious" transactions occur, or when a threshold transaction is reached. A threshold transaction is one where payment of $10,000 AUD or more is made in cash. This applies to $10,000 paid either from a customer to Little Coin Shop, or from Little Coin Shop to a customer who is selling back. Suspicious transactions are required to be reported, e.g. where there is a valid concern that money laundering or terrorist financing activities may be occurring. If you have any questions on our customer identification procedures and policies, please do not hesitate to contact us with queries or clarifications.
How is my personal information handled?
Should customer identification procedures be performed, Little Coin Shop will complete a "Customer Identification" form. A sample form may be inspected at http://www.austrac.gov.au/files/cip_form_ind_mar08.pdf
After the form is filled out by an authorisedLittle Coin Shop representative, the supplied copy of identification will be attached to this form, and the originals of both documents stored securely at a high security private vault facility. No scans, photocopies, duplicates or electronic copies of your identification documentation will be maintained - only the original paper copy as supplied. These are only accessible by the proprietor of Little Coin Shop, and will only be accessed in the event of an AUSTRAC transaction report being required. Little Coin Shop is required to maintain these copies for a period of seven (7) years after the date of the last transaction, at which time copies will be securely destroyed.
What happens if I decide NOT to provide identification on request?
As part of placing an order with Little Coin Shop that is greater than $5 000, acceptance of the terms & conditions of ordering is manually selected by the customer. These terms & conditions include agreeing to submit customer identification documentation on request, and acceptance of our market loss policy
Should you place an order with Little Coin Shop that requires customer identification procedures to be followed, and you elect NOT to provide identification, your order will be cancelled, and the Little Coin Shop market loss policy enacted in determining an amount to be subtracted from your refund, in order to cover losses incurred by Little Coin Shop as a result of your refusal to comply with our clearly stated customer identification requirements.
What are the ID requirements for selling back to Little Coin Shop?
We require a valid government issued photo ID such as a driver’s license or passport. We will take a copy of this when you come in-store to sell. We update our customer’s ID annually, or if the ID has expired in our system.