Anti-Money Laundering Policy 

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 Eastgate Universal Stamps & Coins cc are committed to the following best practices in terms of the Anti-Money Laundering policy.

 We will accept cash as payment for Krugerrands. Any cash received or direct cash deposits through a local bank above the R24,999 threshold will be reported as per FIC requirements.
 Suspicious activities and transactions (even those that do not comply with the above requirements) will be treated as suspicious and will be reported to FIC without notification.
 When selling Krugerrands to Eastgate Universal Stamps & Coins cc, we require a copy of an ID or driver’s license, as well as a Bill of Sale which is to be completed by the seller.
 We require Proof of residence for all cash transactions above the threshold.
 Krugerrand dealers are currently defined as Reporting Institutions for FIC. Should this status be changed to that of an Accounting Institution, all legalities and requirements will be adhered to.