Know your customer FAQs

The project is part of The Perth Mint’s ongoing efforts to improve our governance performance, which includes strengthening risk management structures and ensuring compliance with relevant legislation. Our main focus has been on updating our Anti-Money Laundering/Counter Terror Financing (AML/CTF) compliance with a program of works and upgrading of historic practices that are no longer fit for purpose.

The Perth Mint is required to comply with the Federal Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act 2006) as well as its governing legislation, the State Gold Corporation Act 1987.

A key part of our requirements under the AML/CTF Act 2006 is that we have thorough Know Your Customer processes in place when new clients are taken on.

The overall AML/CTF project includes a broad customer due diligence refresh of our global designated customer base to better understand our relationship with them and to ensure The Perth Mint lives up to the responsibilities demanded of our license to operate.

All our customers go through an initial process of identification and verification when we take them on board. This KYC refresh is part of our due diligence in making sure those details are still valid and up to date.

We are obliged to make sure our database keeps up with current requirements under legislation such as the AML/CTF Act 2006, including a periodic refresh of KYC data.

The AML/CTF review should have minimal impact on The Perth Mint’s day-to-day operations and interactions with customers. The process is designed to minimise any inconvenience for our customers.

We strive to keep our customer details as current as possible and for most customers this refresh will be as simple as uploading current identification documents.

One of the outcomes of the project is that we will be able to better communicate with and service all our customers, regardless of how long they have been with us.

Importantly, this review process is designed to minimise any inconvenience for our customers.

Our obligation is to make sure our database keeps up with current obligations and requirements under legislation such as the AML/CTF Act 2006, which requires a periodic refresh of KYC data. Sighting and verifying current documents is a requirement of this legislation.

Importantly, this process is designed to minimise any inconvenience for our customers.

This will depend initially on your customer type. For most individual retail bullion customers, we will need some basic personal and contact details, and one form of identification to validate your identity.

Customers’ personal data will be retained in accordance with our privacy policy.

Our processes are designed to keep customers’ personal data secure. View our privacy policy for further information.

No. If we need information, we will contact you.

The identification and verification documents should be readily available in most circumstances. If you are having problems, we ask you to contact The Perth Mint so that we can help you.

A key part of our requirements under the AML/CTF Act 2006 is that we have thorough Know Your Customer processes in place.

If you do not provide the requested documentation within the required time frames, we may need to place your account on hold until we are able to confirm your details are accurate and current.

Yes. However, if you are contacted by our customer contact team and you are unable to comply with our requests within the required time frame, we may need to place your account on hold until we are able to obtain the necessary information. The Perth Mint staff are here to support you through this process, so if you are having any difficulties, please do not hesitate to contact us.

We will be refreshing customers as part of our due diligence requirements in alignment with internal policies and procedures. This is not expected to impact all customers.

This is not about the size or value of a customer’s account but rather to ensure that customer information is up to date to enable The Perth Mint to be compliant with the relevant AML/CTF obligations.

This is a broad due diligence refresh that will impact a large number of our bullion services customers.

Importantly, this is about refreshing our customer database to remediate compliance deficiencies in our historical systems and processes and is not a response to any action by our customers. This process is important to enable The Perth Mint to be compliant with the relevant AML/CTF obligations.

Yes, this process will encompass our customers regardless of their structure, including individuals, companies, trusts etc. 

Businesses or organisations naturally are required to provide different documentation to that of an individual customer. The requirements for each customer will be communicated on a case-by-case basis by our customer contact team.

This is not about the size or value of a customer’s account but rather to ensure that customer information is up to date to enable The Perth Mint to be compliant with the relevant legislative obligations.

Our priority is to successfully refresh and upgrade our global customer database while minimising any impact or inconvenience to our customers.

The Perth Mint is required to comply with the Federal Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act 2006) and the Financial Transaction Reports Act 1988 (FTR Act) as well as its governing legislation, the State Gold Corporation Act 1987.

A key part of our requirements under the AML/CTF Act 2006 is that we have thorough Know Your Customer processes in place.

Once this customer database refresh is complete, The Perth Mint will revert to ongoing customer due diligence as part of our standard operations. All customers will be asked to refresh their data periodically to ensure their account stays up to date. In all cases, we will communicate this well in advance.

The links sent from The Perth Mint throughout this process will always include our branding and our privacy policy. Be sure to check that the email originates from a @perthmint.com or @credas.com address.

You may also receive a login to upload your documentation via The Perth Mint’s online identification verification portal for self-service identification if desired. If you have any queries on whether the information sent to you is legitimate, please call us on the number below.