AUSTRAC Identification Rules
Further to my post on AUSTRAC rules on identification for bullion transactions, I can report that the Perth Mint has just received an approval to set the limit above which some form of identification for a bullion transaction is required from $2,000 to $5,000. This now gives some more room for people to privately acquire gold and silver.
Looking at page 11 of the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No. 2), it appears this approval is for every bullion dealer, not just the Perth Mint. If you are having problems with bullion dealers wanting to ID you for deals under $5,000, maybe handy to show them this Amendment Instrument.
Looking at page 11 of the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No. 2), it appears this approval is for every bullion dealer, not just the Perth Mint. If you are having problems with bullion dealers wanting to ID you for deals under $5,000, maybe handy to show them this Amendment Instrument.
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