1. Introduction:
Essential Bullion operates within the legal framework of the United Kingdom and is committed to adhering to all relevant financial laws and regulations. This Know Your Customer (KYC) Policy is designed to ensure compliance with the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 and any subsequent amendments.
2. Customer Identification:
2.1 Individual Customers:
- Essential Bullion will collect and verify the following information for individual customers:
- Full legal name
- Date of birth
- Residential address
- National identification number or passport details
- Contact information (phone number and email address)
2.2 Corporate Customers:
- For corporate customers, Essential Bullion will collect and verify the following information:
- Full legal name and registration details
- Business address
- Corporate identification number
- Details of authorized signatories
- Contact information (phone number and email address)
3. Documentation:
3.1 Individual Customers:
- Customers are required to provide a valid government-issued identification document (e.g., passport, driver's licence) along with proof of residential address (e.g., utility bill or bank statement).
3.2 Corporate Customers:
- Corporate customers must provide the company's incorporation documents, details of authorised signatories, and any additional documents deemed necessary during the due diligence process.
4. Customer Verification:
- Essential Bullion will conduct robust due diligence checks using reliable and independent sources to verify the information provided by customers, including electronic identity verification tools where applicable.
5. Ongoing Monitoring:
- Essential Bullion will implement continuous transaction monitoring to identify any unusual or suspicious activities. Enhanced due diligence will be conducted as necessary, and suspicious transactions will be reported to the National Crime Agency (NCA) promptly.
6. Record Keeping:
- All customer identification and verification records will be maintained securely for a minimum of five years, in accordance with the statutory retention period under the Regulations.
7. Reporting and Compliance:
- Essential Bullion will promptly report any suspicious transactions to the NCA in accordance with the Reporting Officer's obligations under the Regulations. The company will also cooperate fully with the Financial Conduct Authority (FCA) and other relevant regulatory bodies.
8. Training and Awareness:
- Essential Bullion will ensure that employees are adequately trained on KYC procedures, including updates to the Regulations, and are aware of the importance of compliance.
9. Periodic Review:
- The KYC policy will undergo regular reviews to ensure its effectiveness and compliance with the latest regulatory requirements.
10. Customer Cooperation:
- Customers are obligated to cooperate fully with Essential Bullion in providing accurate and up-to-date information as part of the KYC process, acknowledging the legal requirements under which Essential Bullion operates.
By engaging with Essential Bullion, customers explicitly acknowledge and agree to comply with this KYC policy. Essential Bullion reserves the right to refuse or terminate services for customers who do not adhere to these KYC procedures.
This policy is subject to change in accordance with amendments to the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 and any subsequent legislation.