City Coins | Anti Money Laundering - City Coins

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Anti Money Laundering

Anti-Money Laundering Policy – City Coins

In order to offset the risk of money laundering as prescribed by FIC’s Anti-Money Laundering and Counter-Terrorism Financing Legislation (ed. 2018), all employees at City Coins are committed to the following best practices in terms of the Anti-Money Laundering policy.

All clients who wish to do business with City Coins are screened and verified in terms of the Know Your Customer requirements.
Personal record is kept on all clients who wish to do business with City Coins. Such records may require updating, depending on the time since the last transaction.
No Krugerrands will be sold without proof of residence and a copy of the person’s ID document. In the case of a business, we require CK documents, ID copies of the shareholders, and any further documentation that we deem necessary to ensure that the AML/KYC requirements are met.
Third-party payments are not allowed.
No cash payments or cash deposits are accepted under any circumstance.
Spikes in activity or amounts will be queried.
Suspicious activities and transactions (that do not comply with the above requirements) will be treated as suspicious and will be reported to FIC without notification.
When selling Krugerrands to City Coins, we require an original proof of purchase from a reputable dealer who is an official re-seller for the Rand Refinery and SA Mint.
A reassessment is conducted of all previous and related transactions with City Coins if suspicious activity related to money laundering is detected or suspected.

Free Download:
The Gold Guide

Get a Free Download of our latest Gold Guide.

You'll recieve our Gold Guide, which covers:

An overview of the precious metals market

How investing in gold works in South Africa

Your options for delivery and secure storage

If you have any questions or would like assistance, you’re welcome to call us on 021 425 2639.

What is your main reason for considering a physical gold investment?

Why we ask:
Your reason for investing helps us point you straight to the factors most relevant to your situation, while still providing the full guide for deeper detail.

What investment amount are you considering?

Why we ask:
Your intended investment size influences recommendations around storage, product selection, and the most efficient ways to manage costs and benefits.

When are you planning to make your investment?

Why we ask:
The gold market is influenced by a number of global and local factors. While no one can predict the future, we can give you up-to-date insights on current movements and what’s driving them.

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Medals

City Coins has achieved global recognition for South African war medals with a worldwide customer base eagerly following our medal auctions.
The market for war medals and decorations has been popular for decades. Medals can be collected according to a specific battle, rebellion or conflict. Sometimes people simply prefer to collect medals that appeal to them aesthetically.
A lot of the time, however, people keep medals because they form emotional attachments to them. This is especially true for South Africans and Britons with family members who received the Queens South Africa (QSA) medal for fighting in the Boer War. Although some might feel attached to medals and want to hang onto them, sometimes the memory of the recipient is better served in the collection of someone who will really cherish the medal and appreciate its history.
Perhaps you have war medals or decorations that have been passed down from generation to generation through your family? If you would like to find out more about your medals or how much they are worth, please get in touch. If you have medals for sale, we can give you all the advice you need in order to evaluate and sell them.

Bank Notes

While the world of money transitions into an era devoid of paper with cryptocurrency and NFT, banknotes have become even more rare and popular.

Our banknotes range from the famous Siege of Mafeking to the South African notes from Governors of The Reserve Bank. We have rare notes and specimens.
The American Gold Eagle and South African Krugerrand bullion coins, for instance, are made up of .9167 fine gold, thus making them 22-karat. But they still contain one troy ounce of gold – which is why they weigh 1.0909 troy ounces overall. The added alloy creates a more durable coin.
The spot gold price is simply the current market price of gold at which traders can perform over-the-counter trades with each other. It is the cost of one troy ounce of gold, and the greater the price, the higher the demand.
We are an authorised dealer of The Rand Refinery and The South African Mint. We deal in all types of gold and silver Krugerrands as well as special Krugerrand sets and commemorative Krugerrands. We have a large collection of the “Natura” sets issued over the years by the SA Mint and no longer in production (so very rare!).

Krugerrands

Gold purity tends to be measured by karats – abbreviated “kt” – with 24-karat gold designated as 0.999 fine or above. Pure gold fineness would be 1.000; however, the softness of gold would make such coins impractical to use, so 0.999 fine and above is considered pure gold. These coins contain only the most minuscule amount of another metal – or ‘alloy’ – needed to make them tradable.
The American Gold Eagle and South African Krugerrand bullion coins, for instance, are made up of .9167 fine gold, thus making them 22-karat. But they still contain one troy ounce of gold – which is why they weigh 1.0909 troy ounces overall. The added alloy creates a more durable coin.
The spot gold price is simply the current market price of gold at which traders can perform over-the-counter trades with each other. It is the cost of one troy ounce of gold, and the greater the price, the higher the demand.
We are an authorised dealer of The Rand Refinery and The South African Mint. We deal in all types of gold and silver Krugerrands as well as special Krugerrand sets and commemorative Krugerrands. We have a large collection of the “Natura” sets issued over the years by the SA Mint and no longer in production (so very rare!).

Coins

We specialise in South African coins either of rarity (graded or potential) or commemorative value. Many old South African coins contain gold/silver and are rare, like the famous Veld pond and 1931 Tickey.
We also deal with international coins, and have a global clientele and network through Noonans Mayfair which we can leverage for our customers.