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.