What identification is required when buying gold?
The short answer
Expect to show a valid identity document, such as a South African ID or passport, when you buy gold. Depending on the transaction, you may also be asked for proof of residential address (dated within the last 3 months), information about the source of funds or, if you are buying for a company or trust, documents showing the entity and your authority to act. These checks come from anti-money-laundering law.
Why dealers check identity
Gold is valuable, portable and easy to turn into cash, which makes it attractive to people trying to launder money. South African law, including the Financial Intelligence Centre Act, requires many businesses that handle high-value goods, bullion or credit to identify and verify their clients and to keep records. The checks are routine and are not a judgement about you.
What individuals are usually asked for
- A valid South African ID or passport.
- Proof of residential address (dated within the last 3 months), where required.
- Contact details.
- Information about the source of funds for larger or unusual purchases.
Buying for a company or trust
When an entity is the buyer, the dealer generally needs to verify the entity, the people who own or control it, and the person acting for it. That typically means registration documents, a resolution or letter authorising the purchase, and identity documents for the relevant people. Trusts usually need the trust deed and the letters of authority issued by the Master of the High Court.
How Knox applies the requirements
Individuals need a copy of their ID or passport and proof of residential address dated within the last 3 months (such as a utility bill). Companies need their registration documents, VAT number if registered, and ID and proof of address for directors and shareholders holding more than 25%. Trusts need the letters of authority and trust deed, with ID and proof of address for trustees and beneficiaries. Knox may also ask for an income tax number and, for bullion purchases, a source-of-funds declaration. Requirements can depend on the amount, the payment method and the type of customer, so ask before your visit to avoid delays at the counter.
How your information is handled
Information collected for identity checks is personal information under POPIA. It must be used for the purpose for which it was collected, kept secure and retained only for as long as the law requires. You can ask Knox how your information is handled and who to contact about it.
How Knox handles this
Ready for the next step?
Speak to the Knox team about your situation. They will confirm current pricing, availability and requirements before you decide.
