Anti-money Laundering Policy
Legal Tender Bullion Investments (Pty) Ltd t/a African Bullion – Company Number: 2016/075094/01
This policy aims to establish best practices in an Anti-Money Laundering (AML) Policy. It is impossible to define all activity that would qualify as suspicious; however African Bullion will ensure that:
- We know the customer and will when necessary obtain the documents as per FIC requirements.
- We will keep complete and thorough records of our client’s accounts.
- Where the source cannot satisfy our requests for proper credentials of the people involved and source of payment then we will refuse to transact with said party.
- Payments from third parties for transactions will not be accepted.
- Suppliers used are confirmed as bone fide and that proper procurement process is followed.
- If we believe that a transaction is suspicious then we will notify FIC accordingly.
- As per FIC requirement any cash payment over R24,999.99 will be reported.
Obligations of all African Bullion Employees and Consultants:
Current criminal law places three obligations on all persons:
- Not to assist in the money laundering process through acquiring, concealing, disguising, retaining or using the proceeds of crime.
- Not to prejudice an investigation.
- Not to contact any person who has been suspected of, and reported for, possible money laundering in such a way as to make them aware of the suspicion or report ie “tipping off”.
We are fully committed to ensuring all our business processes minimize the risk of transactions/funds being used for/by any criminal purposes.