Compliance and AUSTRAC registration
As a bullion dealer operating in South Australia, HLBullion is committed to meeting its obligations under Australia’s Anti-Money Laundering and Counter-Terrorism Financing framework.
- Regulator
- AUSTRAC
- Framework
- AML/CTF Act 2006
- Records kept
- 7 years
AUSTRAC registration
AUSTRAC is Australia’s financial intelligence agency and AML/CTF regulator.
HLBullion is formally enrolled and registered with AUSTRAC. Its AML/CTF Program has been developed in accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the AML/CTF Rules, and AUSTRAC guidance applicable to bullion dealers.
Responsibility for AML/CTF compliance sits at director level, with a dedicated AML/CTF Compliance Officer acting as liaison with AUSTRAC. The program includes ongoing risk assessment, transaction monitoring, secure record-keeping and independent reviews at appropriate intervals.
Identity verification
Required by law for bullion transactions, and designed to protect legitimate clients.
- Individuals
- Identification such as a driver’s licence, Medicare card or bank card.
- Companies
- Documents such as an ASIC extract, constitution or certificate of incorporation.
- Trusts & SMSFs
- A certified trust deed and any amendments.
- Higher-risk cases
- Enhanced due diligence, for example for complex ownership structures or politically exposed persons.
- Ongoing
- Transactions are monitored and client information reviewed periodically.
- Source of funds
- Information about source of funds or wealth may be requested, particularly for larger activity.
Reporting and records
Obligations that apply to every AUSTRAC reporting entity.
- Cash transactions of $10,000 or more are reported to AUSTRAC as Threshold Transaction Reports within 10 business days.
- Suspicious matters are reported to AUSTRAC within the required timeframes. Reporting entities are not required to tell clients whether a report has been made.
- Identification and transaction records are retained securely for seven years.
- When HLBullion buys goods back, South Australian second-hand dealers law applies, including record-keeping and possible holding periods before resale.
What HLBullion does not do
- Transact in cryptocurrency.
- Facilitate international funds transfers.
- Ship or sell outside Australia.
- Provide financial product, investment or taxation advice.
Full documents: AML/CTF Policy, Terms of Trade (clause 11) and Privacy Policy. HLBullion is the trading name of Havilah Liberty Pty Ltd, ABN 51 692 923 443.