Anti-Money Laundering Policy – Silver-Sphere Trading
In order to offset the risk of money laundering as prescribed by FIC’s Anti-Money Laundering and Counter-Terrorism Financing Legislation (ed. 2018), all employees at Silver-Sphere Trading are committed to the following best practices in terms of the Anti-Money Laundering policy.
01
All clients who wish to do business with Silver-Sphere Trading are screened and verified in terms of the Know Your Customer requirements.
02
Personal record is kept on all clients who wish to do business with Silver-Sphere Trading. Such records may require updating, depending on the time since the last transaction.
03
No Krugerrands will be sold without proof of residence and a copy of the person’s ID document. In the case of a business, we require CK documents, ID copies of the shareholders, and any further documentation that we deem necessary to ensure that the AML/KYC requirements are met.
04
Third-party payments are not allowed.
05
No cash payments or cash deposits are accepted under any circumstance.
06
Spikes in activity or amounts will be queried.
07
Suspicious activities and transactions (that do not comply with the above requirements) will be treated as suspicious and will be reported to FIC without notification.
08
When selling Krugerrands to Silver-Sphere Trading, we require an original proof of purchase from a reputable dealer who is an official re-seller for the Rand Refinery and SA Mint.
09
A reassessment is conducted of all previous and related transactions with Silver-Sphere Trading if suspicious activity related to money laundering is detected or suspected