Is ID required when buying gold and silver?

Physical Gold may require identity verification when you purchase gold or silver, depending on the value and circumstances of the transaction and our legal and compliance requirements.

Identity checks form part of our anti-money laundering, fraud prevention and customer verification procedures. As part of Physical Gold’s verification policy, we automatically require ID for purchases of £10,000. Physical Gold reserves the right to request identification or additional information for any transaction where appropriate.

Where verification is required, we’ll explain what information is needed and how to provide it.

Anti-money laundering requirements can apply in a number of circumstances, including where a business relationship is established, where particular transaction thresholds or risk factors apply, or where there is a suspicion of money laundering or terrorist financing.

Important: Providing identification does not mean that your purchase is automatically reported to a government body.

Physical Gold uses identity verification technology to make the verification process quick and secure. Where digital verification is required, we’ll provide instructions explaining how to complete the process.

This may involve:

• following the verification link or instructions provided;
• confirming your personal details;
• providing an image of an accepted identity document;
• completing a facial or identity verification check; and
• submitting any additional information requested.

The precise information required can depend on the circumstances of the transaction.

• No need to find a proof of address dated in the past 3 months
• No need to send sensitive documents on email.
• Personal information provided during verification is handled in accordance with the applicable data protection requirements and Physical Gold’s privacy policy.

If you’re unable to complete digital identity verification using a smartphone, please contact our team. Alternative verification may be available, which can include providing appropriate proof of identity and proof of address.

The documents required will depend on the circumstances, so please confirm the current requirements with our team before sending identification documents.