GLD BULLION PROCEDURES (OR AS AGREED)
- Magister Operis authenticates Seller’s credibility/eligibly by gathering and packaging the pre-compliance items that have attorney attestation to the authenticity of the authenticity of the collateral, the ownership of the collateral, the history of the funds that acquired the collateral, and the history (provenance) of the collateral.
- Buyer’s chairman authorizes Magister Operis to disclose the identity of the Buyer by sending an introductory email to seller so that the Seller and legal representation can get familiar with the credibility and operations of the buyer, its brochures, and its website.
- Magister Operis arranges a recorded video conference call(s) via Skype with Buyer and Seller and/or attorney so all parties get to know each other in a face-to-face recorded manner.
- Parties meet face to face for due diligence and testing the metal as needed.
- The attorneys work together to professionally draft/craft SPA.
- SPA is signed.
- Buyer arranges an acceptable institutional Payment Guarantee as required.
- Buyer and Seller lodge contracts with their respective banks.
- Seller’s bank will SWIFT to Buyer’s bank confirming the existence and transferability of product.
- Buyer’s bank will respond by SWIFT with confirmation of payment.
- Transaction is completed electronically with exchange of AU and Funds on a bank-to-bank basis.
The buyers' banks will only issue an irrevocable NON-Transferrable Revolving Documentary Letter of Credit (IRDLC) or Standby Letter of Credit (SBLC).
PRECIOUS METALS, MONEY LAUNDERING, AND THE PATRIOT ACT
Most international buyers and sellers today have to be compliant with the standards of the Swiss-based Wolfsberg Group. Please study https://www.wolfsberg-principles.com/ for clarity.
Be RWA to show compliance documentation for your products!
The earlier…the better!
SPECIAL NOTE: UNLESS YOU HAVE MAGISTER OPERIS ON RETAINER,
PLEASE DO NOT ASK MAGISTER OPERIS TO EVEN TALK TO THE BUYERS ABOUT OFFERS
UNTIL A SELLER HAS PROVEN THEIR CREDIBILITY TO MAGISTER OPERIS!
Magister Operis Workflow: CLICK HERE
Additional bullion notes: CLICK HERE
Sample gold transactions: CLICK HERE
Broker notes: CLICK HERE
Disclaimer: CLICK HERE