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MONEY LAUNDERING ACT AND PRECIOUS METALS TRADING

Last updated: 28 September 2026

As a precious metals dealer, GP METALLUM is subject to the applicable provisions of the German Money Laundering Act (Geldwäschegesetz – GwG).

Precious metals are classified as high-value goods within the meaning of the German Money Laundering Act. Gold, silver and platinum are expressly mentioned; other precious metals may also fall within this category.

CASH PAYMENTS OF €2,000 OR MORE

In transactions involving high-value goods, the general due diligence obligations under the German Money Laundering Act apply to goods traders if cash payments of at least €2,000 are made or received, either directly or through third parties.

This applies both to cash received by GP METALLUM from a customer and to cash paid by GP METALLUM in connection with the purchase of precious metals from a customer.

The statutory due diligence obligations include, in particular, identifying the contracting party and, where applicable, any person acting on that party’s behalf, as well as determining whether the contracting party is acting on behalf of a beneficial owner.

IDENTIFICATION IN SPECIAL CASES IRRESPECTIVE OF THE AMOUNT

Irrespective of statutory thresholds, identification and other due diligence obligations apply in particular where there are facts indicating that assets may be connected with money laundering or terrorist financing, or where doubts exist as to whether previously obtained identity information is correct.

DOCUMENTATION OF IDENTITY DOCUMENTS

Where identification under the German Money Laundering Act is carried out using an identity document, the information and evidence required by law are recorded. Where required by law, a copy of the identity document is made or the document is digitally captured for this purpose.

Records and other documents required to be retained under the German Money Laundering Act must generally be kept for five years, unless other statutory provisions require a longer retention period.

PURCHASES BY GP METALLUM

Irrespective of the statutory cash payment threshold of €2,000, GP METALLUM identifies the seller in every purchase transaction. This company policy serves, among other purposes, to establish the seller’s identity and legal age and to ensure proper documentation of incoming goods.

Further information on the processing of personal data can be found in our Privacy Policy.

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