AML – information for customers

What is AML?

AML (anti-money laundering) is a set of rules and procedures designed to stop the illegal movement of money. These measures help to protect the financial system from misuse, such as terrorist financing or other criminal activities.

What is KYC?

KYC (Know Your Customer) is the process of checking a customer’s identity to make sure our services are used only by people who meet all legal requirements. This helps to prevent our services from being misused for illegal purposes.

Why are these measures important?

Checking identity and keeping an eye on transactions are key safeguards against abuse of the financial system. These rules are required of us by law, and they are also important in protecting you, as a customer, from fraud.

Who needs to be identified?

Every customer (whether a private individual, a business owner, or a legal entity) who wants to use our services must go through the identification process to the extent required by law. We need to identify the ownership and management structure of businesses and legal entities, and verify the identity of private individuals, senior officers in business management, and anyone acting on a customer’s behalf (such as an account manager).

Why do you need to complete the KYC/AML questionnaire?

Completing the KYC/AML questionnaire is an essential step in verifying your identity. By filling it in, you provide us with basic details about yourself or your company. This helps us to make sure your transactions remain secure and legally compliant.

What happens if you don’t complete the KYC/AML questionnaire?

Failure to provide the required KYC/AML questionnaire prevents us from verifying your identity. This could result in temporary or permanent restrictions in your access to our services. We make this step compulsory so that we can offer you a safe environment.

When might you need to complete the KYC/AML questionnaire again?

You will need to complete a new KYC/AML questionnaire if there are any major changes in your personal data, or if the law requires us to repeat the verification process.

You can verify your identity using the IBIS InGold app, which you can then also use to manage your gold investments. Your contracts and gold accounts will be right at your fingertips, anytime, anywhere. If you have trouble verifying your identity in the IBIS InGold app, you can complete the process via the web interface. Our modern security standards give you maximum protection for your data and your investments.

Customer identification

In the identification process, your identity is verified using a valid document, and your appearance is compared with the photo on it.

For businesses and legal entities, this means verifying the identity of the company’s representative (account manager). For members of governing bodies, a scan of a valid identity document is used for verification.

Scanning your identity document

To verify your identity, we need a scan of a valid document. The country of issue must match your country of residence or nationality.

You may use:

• a national identity card (front and back)

• a passport (the page with your photo and details)

• a residence permit (for foreign nationals)

For some documents, both sides may be needed to ensure completeness and accuracy. When scanning, choose the document type you wish to upload and follow the instructions.

You can upload these documents while putting together your draft contract. If anything’s missing, you can add it later any time via your customer account (“My Account”).

Every detail on the document must be clear and legible. For verification purposes, we process:

• personal data

• identity document details

• your facial scan

Example of how to scan a document:

How we protect your data

Your personal data, including document scans, are encrypted and stored securely. We use the latest technology to keep this information safe. Only authorised staff can access this data, and they do so in compliance with legal requirements.

If you run into any difficulties in the verification of your identity, please get in touch. We’ll be happy to help.

By law, we are required to check whether you are a politically exposed person (PEP). A PEP is someone who currently holds, or has previously held, a prominent public office, or someone closely connected to such a person.

Who is considered a PEP?

Examples include:

• a president, prime minister, government minister, or member of parliament

• a justice of the Constitutional Court, the Supreme Court, or the Supreme Administrative Court, or a prosecutor general

• an ambassador or senior officer in the armed forces

• a member of a management or supervisory board of a state enterprise

• close relatives or associates of the above (such as spouses, children, or business partners)

A complete list of PEPs can be found on the website of the Czech Financial Analytical Office.

Why do we check PEP status?

The Money Laundering Act requires us to apply stronger controls to PEPs. This is not about suspicion, but a preventive measure to ensure greater transparency.

How is PEP status assessed?

• We use the KYC/AML questionnaire to determine whether this status applies to you.

• If it does, we may ask you for additional details (for example, the type of public office held).

• Even if you are a PEP, you can still use our services. You will just need to meet stricter verification requirements.

To meet our legal obligations under anti-money laundering (AML) rules, we need to know some basic information about the source of the money you plan to invest in precious metals.

Why do we ask about the source of your income?

Knowing the origin of funds helps us to make sure the money used in the system doesn’t come from illegal activity. This is standard practice to protect both you and us.

What information will you need to provide?

In the KYC/AML questionnaire, you select one or more options that best describe your financial profile:

• Employment – regular income from employment

• Business – income from your own company or trade

• Investments – proceeds from the sale of shares, cryptocurrencies, real estate, etc.

• Inheritance or gift – money received as an inheritance or gift

• Savings – money you have set aside over time

• Other – e.g. benefits, winnings, or the one-off sale of assets

What if you have more than one source?

That’s no problem. You can select multiple options, or briefly describe your particular circumstances.

Protecting your privacy and the security of your data is a priority for us. We process all personal data in line with the EU General Data Protection Regulation (GDPR) and other applicable laws.

What data do we collect?

We process your personal data (and, where relevant, that of your representatives) mainly to meet contractual obligations. This mainly includes the data you provide when registering, and when entering into or making changes to contracts. It also covers data needed to meet the rights and obligations that arise from those contracts.

• Identifying information

• Data from identity documents and their copies

• Information about income and the origin of funds

• Contact details (telephone, email)

Who has access to your data?

• Access is restricted to authorised staff and those involved in KYC/AML processes.

• Data is not shared with third parties unless there is a legal reason to do so.

How long do we retain your data?

You can find out more about how we protect your personal data, and how long we keep it, in our legal notice.

Can’t find the answer to your question?

Please contact us. We will be happy to explain everything and help you to complete the questionnaire.