Money Laundering Laws
Coins N Treasures is dedicated to protecting its clients against money laundering and takes Anti-money laundering compliance seriously. We are guided by the following:
All clients who purchase in excess of €10,000 or foreign currency equivalent through our website will be required to complete an AML statement and provide proof of identification.
In order to prevent individuals from using precious metals purchased from Coins N Treasures for illicit purposes, clients who purchase under €10,000 may also be asked for a photocopy of their identification and/or a utility bill. This requirement helps protect our clients who use our services legitimately.
Please note that all AML compliance documentation is maintained in accordance with privacy protection laws.
Online transaction limitations
Customers can buy up to €10,000 per order online paying with a debit or a credit card.
Customers can buy up to €50,000 per order online paying by Bank Transfer. Please be aware we have a transactional threshold of €10,000 on all customer accounts - this can be unhindered by providing two forms of ID. Customers who provide two forms of ID, will be able to purchase products up to a maximum of €50,000 per order online.
Why we enforce transaction limitations
We have a legal obligation to comply with Government and EU regulations on Anti Money Laundering, Fraud and Terrorism. As a business our responsibility is to carry out the necessary checks and put systems in place to safeguard against money laundering and to combat financial crime. The Money Laundering Regulations 2007 require appropriate ID to be taken when certain transactions take place. The regulations state that due diligence must be complete where BB24 are: "carrying out an occasional transaction with a customer valued at €10,000 or more.
Please be aware: Each transaction is verified through a fraud screening process provided by our secure gateway and when required we may ask for identification from you to verify yourself as the customer.
This is an action recommended by the payment gateway during the fraud screening. The ID requested will be used to verify you at the stated address. For multiple transactions placed by customers from one singular address, we may contact you for identification.
Acceptable forms of ID
- Passport
- EU ID card
Acceptable form for proof of address:
- Bank statement (last 3 months only)
- Utility bill (last 3 months only)
What we do with your ID
Identification we have requested from you is used to verify your identity, in line with anti-money laundering guidelines. This information is not sold or used for remarketing. Information you provide is recorded by one of our trained team, in the performance of their duties only. For more information on how we keep and use your data, please see our Privacy Policy.
Below are some links with useful information regarding Money Laundering Regulations:
The European Commission is stepping up its AML/CFT game (pwc.com)