Cash for gold type businesses query

[4metals]

We call the place "the gold collection and verification center" with all such precautions as mentioned above + an insurance to cover overnight holding in the SDV on the premises. The cash payment limit is always as per the law and beyond that is a direct transfer to the bank account of the client. The KYC of the seller is a must whichever way you can, otherwise, you end up buying stolen goods, and you end up in more trouble than the seller him/herself.

Please refrain from using terms like KYC and SDV as they do not translate well into other languages. I know we are all guilty of this from time to time but it is not "internationally user friendly".

What is KYC and SDV short for?

 

[snoman701]

kyc know your customer, a huge requirement in transferring gold from seller to buyer for not only conflict free gold, but also money laundering

sdv safe deposit vault

 

[Justincase]

We call the place "the gold collection and verification center" with all such precautions as mentioned above + an insurance to cover overnight holding in the SDV on the premises. The cash payment limit is always as per the law and beyond that is a direct transfer to the bank account of the client. The KYC of the seller is a must whichever way you can, otherwise, you end up buying stolen goods, and you end up in more trouble than the seller him/herself.

kyc know your customer, a huge requirement in transferring gold from seller to buyer for not only conflict free gold, but also money laundering

sdv safe deposit vault

Not sure if his is to do with different illegal legislators.
Or if you are talking about registered trade bars.
In the UK, we all have had the talk from the National Criminal Intelligence Service.
Not what you would normally expect, they are more interested in detecting Criminal networks rather than the one-off burglar.
Keep proper records and operate with an honest intent and those boys will not bother you much if at all.

 

[4metals]

Know your customer, all walk in sellers visiting we buy gold shops are typically required to provide picture ID. While that doesn't prevent the purchase of stolen goods, it does help the authorities to find them.

Safe deposit vault, every jeweler has a safe and as the value contained increases so does the security of the vault out of necessity from the insurance company. Alarms are also prevalent.

Thanks for the translation and I myself will try to avoid things like DMG in lieu of Dimethylglyoxime!

 

[Justincase]

Know your customer, all walk in sellers visiting we buy gold shops are typically required to provide picture ID. While that doesn't prevent the purchase of stolen goods, it does help the authorities to find them.

Safe deposit vault, every jeweler has a safe and as the value contained increases so does the security of the vault out of necessity from the insurance company. Alarms are also prevalent.

Thanks for the translation and I myself will try to avoid things like DMG in lieu of Dimethylglyoxime!

Large useless safe in the front no one has managed to open in fifty years, but it looks nice.
High quality double titanium locking bolts cast into a structural significant section of the building well camouflaged.
My personal preference is to have several more accessible and easy to find dummies with my gold-plated stock inside.
Let them win and leave quickly.

 

[4metals]

My personal preference is to have several more accessible and easy to find dummies with my gold-plated stock inside.

That's what the ingots that look gold which were brought in by customers duped to buy African gold even though there was no gold in them. I kept a few of those doorstops about the shop.

 

[allglory]

The refineries also pay out on the day of the transaction. If you can turn your dollars over every day at 2%, thats a 48% profit every month. There are many businesses doing just fine with those types of margins. The refineries themselves for instance.

How are refineries achieving a remarkable 48% profit each month?

 

[Anil]

Please refrain from using terms like KYC and SDV as they do not translate well into other languages. I know we are all guilty of this from time to time but it is not "internationally user friendly".

What is KYC and SDV short for?

KYC stands for Know Your Customer - is widely accepted internationally
SDV - Secured Deposit Vault - I agree, this is very uncommon and not user-friendly. My apologies.