Personal Identification requirements for Gold Investors
Do I have to provide identification to purchase gold?
All investors must prove their identification and residence and confirm the source of their funds. This is known as Customer Due Diligence. Once approved, it saves a good deal of time for processing future orders, and likewise means you can take advantage of our first year’s subsidised storage without any further paperwork.
We need one piece of certified photographic identity (passport or driver’s licence) and one original or certified household bill to prove your address (utility bills, bank statements, credit card statements less than 3 months old). We cannot accept bills form mobile telephone operators or insurance companies. You can post us originals which we will return the next day by recorded delivery or you can provide certified copies. Certified copies must be signed by a professional (Lawyer, Accountant, Doctor, Policeman) or you can get the copies certified by your bank. If you visit Guernsey we can photocopy and certify your documents for you. You must also state the source of your funds and may be asked for proof by way of references.
The wording on the certification must be as follows: 'This is a true copy and likeness of the original document which I have seen'. The certifier must also include the following details: their name in block capitals, the professional capacity in which they are signing and their contact information (such as a business card).
Do I have to provide identification to sell bullion to you?
The same applies to sellers as well as purchasers
Why do I need to register as a client?
There are two reasons for this: one is legal, the other is practical.
Legal: Guernsey Gold is obliged by law to establish the identity of its customers, their residential address and the source of their funds for anti-money launderign purposes
Practical: Guernsey Gold and you need to agree on the provision of security if you choose to personally take delivery of your bullion at any time.
How do I register?
Registration can be confirmed by sending us the following documents which can be sent back to you by return if necessary:
a. Proof of your appearance.
We require a certified copy of your passport or a national identity card/driver's license with a clearly visible photograph. The certifier should be your lawyer, accountant, banker or other professional person and the copy should state: 'This is a true copy and likeness of the original document which I have seen' and should be signed, dated and include the name, contact details & profession of the certifier.
For joint/corporate/trust accounts we will require similar proof for the signatories of the funding bank account and will also ask for a certified authorised signatory list and evidence to show that the company is in good standing. We will also ask for due diligence on any person who has greater than 25% beneficial ownership of the company. If Trustees are located in Appendix C countries with equivalent anti-money laundering procedures then we can accept an Introducer Certificate or direct due diligence on the underlying settlor/client. The Trustees will need to supply signatory lists also.
b. Proof of your address.
A utility bill less than 3 months old or bank statement from the linked bank account you used/will use to fund your account is acceptable. The statement must show your name and address, the bank name, the bank account number, branch sort code and the IBAN number.
c. Source of funds
You will need to state the source of funds which enable you to buy gold bullion. Simple words or phrases such ‘savings’ or ‘inheritance’ are not enough. We may require a reference or some independent verification such as an independently sourced article on the internet or proof that your earnings or background can account for such an accumulation. Alternatively you can give us your permission to contact your professional adviser to confirm your standing over the telephone. Please ensure that they are aware that we will make contact as they will otherwise refuse to acknowledge you are a client in order to avoid divulging private information and to prevent fraud.
d. Corporate/Trust accounts only
We will require proof of the legal entity with certified documentation which is standard. Please ask your fiduciary adviser or accountant what should be supplied as this will vary by jurisdiction. Most entities should be able to supply their certificate of incorporation, certificate of good standing, trading license or a similar document proving the validity of the legal entity. A due diligence pack would also be required on the directors to prove identity and residence along with a certified list of authorised signatories.
Please send the documents to:
The Compliance Officer
Guernsey Gold Limited
3rd Floor, NatWest House,
Le Truchot, St. Peter Port
Guernsey, GY1 1WD.
Guernsey Gold has a legal and moral duty to report any suspicion of money laundering or terrorist financing. We will co-operate fully with the Guernsey Police in the implementation of orders from the Royal Court of Guernsey.