I want to buy some silver coins to keep just in case because of hyper inflation. I was going to buy some from The Perth Mint just now but even though my purchase will be under $2,000 they still want to verify my ID. Is this normal? It seems intrusive to me. Is every aspect of our life regulated now?
Is It Normal for Bullion Dealers to Verify Your Id if Buying Online?
tulip99 on 10/01/2022 - 15:27
Comments
Thanks. It says the verification is done by a third party or your details are stored with a third party but they don't say who it is.
And in their FAQs they say you don't need to verify if you spend under $2k but it's requesting me to verify before I can even check out!
Yeah pretty much all of them require ID when you sign up. There's some other good dealers if you're wanting to spend more than $2K without providing ID.
Are you able to suggest some please? I tried to ring the Perth Mint to ask about their id requirements and I've just hung up after being on hold for 30 mins.
Talk to their Chat and point out the FAQ - but my guess all financial products/traders will want verification to reduce money laundering onus. Look what's happened to bank ATM's & casinos laundering - now the money goes through pokies.
Thanks :-)
You should try local b&m dealers. They'll sell anything to anyone without KYC.
Is b&m bricks and mortar? Or something else?
Brick & mortar or mum and dad local jewellery shops.
They're normally friendly and will sell what you want.
Thanks :-)
lol
they still want to verify my ID. Is this normal?
Anti money laundering……
It seems intrusive to me.
Why is that? If you are a honest legal buyer, wouldn't you want your purchase recorded? If you get broken into and the Bullion stolen for example, this record of purchase could be handy ;)
Surely they can give a Tax Invoice for those handy reasons. And that doesn't require your personal information. Just asking as a fellow money-launderer :\
Probably part of the KYC requirements and yeah, not a fan given you have to supply enough info that it'd make identity theft easy and have no idea or control over how that info is stored with them.