What are the transactional limits to provide Identification and why have them?
Here at ATS Bullion we have a duty to comply with Government and EU regulations on 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.
To manage these risks we have the following ID and physical cash transactional limits which apply to personal investors only (if buying through a company - see below*):
1) In store, we always obtain one form of ID from customers buying and selling up to £5,000. Over £5,000 we take two forms of ID.
2) Online, a customer can buy up to a maximum value of £10,000 in a calendar year from your first purchase in multiple transactions, without initially providing any identification. Please be aware, that with each transaction online, it 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. Usually, the ID is used to verify you at the address.
3) Please note that multiple transactions made in a 48 hour period will be considered as a single transaction. For multiple transactions placed by customers from one singular address, we may contact you for identification.
4) If a customer wishes to buy or sell over £5,000 in one transaction or exceed the £10,000 online purchasing threshold, you must provide two forms of identification. One form of ID must be a photographic passport or driving licence, the secondary form of ID must be a proof of address: a utility bill/bank statement or council tax statement from the last 6 months.
To continue purchasing online with ATS Bullion by lifting the £10,000 maximum on your account, please scan the copies of your identification to firstname.lastname@example.org or alternatively you can send us the copies to ATS Limited, 2 Savoy Court, Strand, London, WC2R 0EZ. Please call us if you have any queries regarding the limits - one of our trained Bullion Dealers will be happy to help.
Below are some links with helpful information regarding Money Laundering Regulations:
*For Businesses looking to purchase from us, we will be required to complete enhanced due diligence checks. Please contacts email@example.com or call 020 72 40 40 40 to speak to a member of staff to advise you on how to place an order.