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.

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