Documentation required.

[Bogart]

Getting a bit peed off with a certain bullion dealer, not naming names but begins with a G. I have ordered one coin costing £1550. They want documentation the usual photo type and a utility bill.

 Now I thought this was only required for the following:

A one purchase total of £5k or more on one transaction or £10k in a year.

This is all I have been asked by other dealers.  I purchased a coin the other week from a dealer for £1600 no documentation asked for.

I would have gone along with them but I cannot provide documentation utility bill wise. All are in my wife's name as are bank accounts except for out water bill which is in joint names.

Unfortunately there is not one within 3 months, another stupid rule.

Am I being unreasonable here?

Edited October 17, 2022 by Bogart

[harrygill111]

Who is the dealer?

No chance they'd get my money. 

[Gordy]

8 minutes ago, Bogart said:

Getting a bit peed off with a certain bullion dealer, not naming names but begins with a G. I have ordered one coin costing £1550. They want documentation the usual photo type and a utility bill.

 Now I thought this was only required for the following:

A one purchase total of £5k or more on one transaction or £10k in a year.

This is all I have been asked by other dealers.  I purchased a coin the other week from a dealer for £1600 no documentation asked for.

I would have gone along with them but I cannot provide documentation utility bill wise. All are in my wife's name as are bank accounts except for out water bill which is in joint names.

Unfortunately there is not one within 3 months, another stupid rule.

Am I being unreasonable here?

are you not on the council tax bill, a lot of companies accept these for the current year as if you move house you always get a new one... 

[SiCole]

That specific company is quite OTT as i had something a little similar with them last week. I suppose its just there processes to cover their backside with money laundering.

[SilverJacks]

I think I know this dealer. Have you called them? They are quite good to deal with over the phone and could possibly drop the request for just one coin..

[Bogart]

13 minutes ago, Gordy said:

are you not on the council tax bill, a lot of companies accept these for the current year as if you move house you always get a new one... 

I am but it is not on their list of approved documents.

[Bogart]

10 minutes ago, SiCole said:

That specific company is quite OTT as i had something a little similar with them last week. I suppose its just there processes to cover their backside with money laundering.

They have openly told me it is against the law not to request such documentaion and that other dealers are breaking the law!

[SilverJacks]

3 minutes ago, Bogart said:

They have openly told me it is against the law not to request such documentaion and that other dealers are breaking the law!

I had this issue with them couple years ago and they were quite reasonable. Must've tightened up these days

[Orpster]

Gerrard's I presume, 

They used to require documentation just to open an account, so must have eased up a bit  

[Gordy]

Just now, Orpster said:

Gerrard's I presume, 

They used to require documentation just to open an account, so must have eased up a bit  

i had to do that to open an account with them, no biggy tbh...

[Orpster]

1 minute ago, Gordy said:

i had to do that to open an account with them, no biggy tbh...

I don't order from them very often but they do compete well sometimes, recently they have been cheapest for 1/4oz TB's when they have stock.  They can also sometimes have really good price breaks which makes them the cheapest if your ordering 5 of something but stops them showing up on the TSF price comparison tool (when we had one  )

Their customer service is pretty decent, the emails being from people and not automated, and they are quick to answer questions too

[Guest]

2 hours ago, Orpster said:

Gerrard's I presume, 

They used to require documentation just to open an account, so must have eased up a bit  

I’ve never heard about these guys before. 

[Bigmarc]

4 hours ago, Bogart said:

Getting a bit peed off with a certain bullion dealer, not naming names but begins with a G. I have ordered one coin costing £1550. They want documentation the usual photo type and a utility bill.

 Now I thought this was only required for the following:

A one purchase total of £5k or more on one transaction or £10k in a year.

This is all I have been asked by other dealers.  I purchased a coin the other week from a dealer for £1600 no documentation asked for.

I would have gone along with them but I cannot provide documentation utility bill wise. All are in my wife's name as are bank accounts except for out water bill which is in joint names.

Unfortunately there is not one within 3 months, another stupid rule.

Am I being unreasonable here?

Sounds like they are a bit outdated in their procedure. I have done probably 10 kyc applications in the past couple of years and all you need is a passport or driver's license. The only time I needed a utility bill recently was to hire a car and open a bank account. Still a pain as like you it's all either paperless or in the missus name. 

[RDHC]

6 hours ago, Bogart said:

They have openly told me it is against the law not to request such documentaion and that other dealers are breaking the law!

I doubt this. I have bought large sums of foreign currency, much greater than £1600, and the dealer did require some degree of authentication, but not for sums less than £2000, and currency dealers will be much more sensitive to legal requirements than coin dealers.

[Guest]

I had to show passport, driving licence and a utility bill to Tavex on my first order with them for £1,500

[Bogart]

8 hours ago, SiCole said:

That specific company is quite OTT as i had something a little similar with them last week. I suppose its just there processes to cover their backside with money laundering.

All does rather strange. Luckily have a driving licence, no passport as it expired during covid and have not bothered renewing it. If I did not drive where would I go then. They are now ignoring my emails so will

ring them in the morning and ask to speak to the originator of the email telling porkies.

Edited October 17, 2022 by Bogart

[ady]

47 minutes ago, Apmex100 said:

I had to show passport, driving licence and a utility bill to Tavex on my first order with them for £1,500

 

[ady]

29 minutes ago, Bogart said:

All does rather strange. Luckily have a driving licence

Me too, but have an old paper one. Nightmare when trying to get through KYC. No formal ID card but they inch by inch driving the sheep to accept digital ID.

[MonkeysUncle]

Sounds way OTT to be honest.

Yes, there are many checks for many things, but assuming you are paying for this coin using a bank transfer or debit/ credit card where the account or card is in your name/ a joint account where you are one of the named and the thing is being shipped to the same address the account/ card is registered then that should be fine.

Seriously, they must have a thorn stuck in their ass or have been very sloppy in the past and had a rogering from HMRC.

Get your money back and go elsewhere my friend.

Would recommend you change one of your utilities into your name though, you never know when you might need some proof of ID: I came badly stuck with an anal letting agent a few years back due to a lack of things in my name. Why we don't have a national ID card is beyond me.

[Gordy]

15 minutes ago, MonkeysUncle said:

Why we don't have a national ID card is beyond me.

the lefties glued their ***** and snatches (and unicorn horns) to fences in protest.... there was a national shortage of superglue for weeks last time it was mentioned 😂

[MonkeysUncle]

I find it easier to machine gun them when they can't run away as they've glued themselves down. 

So my new get rich quick scheme: Buy lots of glue shares, convince the imbecile that ID cards will fettle her screwed up reputation. And that she can glue the interest rate down to stop BoE sticking it up! 

 

[Bigmarc]

1 hour ago, MonkeysUncle said:

Yes, there are many checks for many things, but assuming you are paying for this coin using a bank transfer or debit/ credit card where the account or card is in your name/ a joint account where you are one of the named and the thing is being shipped to the same address the account/ card is registered then that should be fine.

The last crypto exchange I signed up for required me to send a selfie with my passport opened up by my face and user account number written on a piece of paper. No address needed, just assumed if they need it they can find it (probably ask Google). 

 

 

 

[Bogart]

Am unsure why passport photos, not that I have one,  are accepted as there is no correlation between the photo and an address, unlike on a driving licence.

[Bogart]

Finally got there with them. They decided they would accept a Council Tax statement or lose the sale. Damned hard work. Russian mafia laundering billions and they are huffing a puffing over £1500.

Their attitude is similar to lloyds bank a few weeks ago. I went in to get £5k cash to pay some workmen. Get the 3rd degree. What is it for who are you paying. After insisting is my money and am

not moving away from the counter until I get it finally cash handed over. They are eager to take money of you but loathe to give it back.

[SidS]

53 minutes ago, Bogart said:

Their attitude is similar to lloyds bank a few weeks ago. I went in to get £5k cash to pay some workmen. Get the 3rd degree. What is it for who are you paying. After insisting is my money and am

not moving away from the counter until I get it finally cash handed over. They are eager to take money of you but loathe to give it back.

I'd swap banks and tell them why. I know all banks are going the same way in the long run, but some are more obstructive than others.