3The verification procedure

3 The verification procedure

(1) For the purposes of subparagraph 20A(1)(b)(i) of the Act, the verification procedure consists of: (a) the checks mentioned in regulation 4; and (b) in relation to a signatory mentioned in regulation 5, 6, 7, 8, 9 or 10A—the alternative check mentioned in that regulation. (1A) For paragraph 24C(2)(a) of the Act, the verification procedure for an identification record for a party to a bullion transaction consists of: (a) in the case of a company defined in regulation 5A—the procedure set out in that regulation; and (b) in all other cases: (i) the checks mentioned in regulation 4 and the alternative check mentioned in regulation 9; or (ii) obtaining an identification reference. (1B) For subparagraph (1A)(b)(ii), an identification reference is obtained by the means set out in section 21 of the Act as if a reference to: (a) a signatory to an account were a reference to a party to a bullion transaction; and (b) the signatory were a reference to the party; and (c) the account were a reference to the bullion transaction. (2) The signatory or party to the bullion transaction is taken to be identified if the signatory or party to the bullion transaction rates at least 100 points. (3) The points attributable to: (a) a type of source mentioned in a subparagraph of paragraph 4(1)(a), (b) or (c); or (b) telephone contact mentioned in subparagraph 4(1)(d)(ii); (c) a document mentioned in paragraph 4(1)(e); or (d) a reference mentioned in a subparagraph of paragraph 4(1)(j); may only be counted once in relation to the signatory to an account or party to the bullion transaction.

Example

Note: P has been identified by his or her current employer under subparagraph 4(1)(a)(i) and that identification is worth 35 points. However, P cannot rely on identification by a former employer to gain a further 35 points for opening the same account or making the same bullion transaction. Similarly, if P has been identified by a former employer in relation to opening an account or making a bullion transaction, P cannot rely on identification by a current employer in relation to the same account or bullion transaction. The fact that subregulation 3(3) only allows the points for identification under subparagraph 4(1)(a) to be counted once does not, of course, prevent P from relying on identification under another subparagraph of paragraph 4(1)(a) or identification under another paragraph of subregulation 4(1).

(4) The points attributable to a document mentioned in paragraph 4(1)(g) issued from a particular source may only be counted once in relation to a signatory to an account or party to the bullion transaction. (5) The fact that 2 or more bodies corporate are related does not affect their identity as distinct sources.

Example

Note: P has been issued with a Mastercard and a Visa Card by his or her bank. Either is worth 25 points under paragraph 4(1)(g), but because they have been issued by the same bank, P may only use one of them for identification purposes. Another bank has issued P with a Bankcard and P also holds a credit card issued by a finance company that is a wholly owned subsidiary of one of the banks. For the purpose of identifying P therefore the Bankcard and the credit card may also be taken into account giving a total of 75 points.