Validate your Depository Online account
- When do I need to validate my account?
- Can I trade before my account is validated?
- How do I validate my account?
- Why do I need to prove my identity?
- Why do I need to specify a designated bank account?
- What happens after I submit my account for validation?
When do I need to validate my account?
You can open a trial Depository Online account so you can easily explore the features of the system without having to provide full identity information. When you are ready to start trading you will need to validate your account, which involves providing full identity and designated bank account details.
Can I trade before my account is validated?
No. Only after the identification and the validation procedure has been completed and approved will you be able to trade and make use of all of Depository Online's features.
How do I validate my account?
Once you have created your trial Depository Online account, click on the "Validate my account" button and complete all the steps to submit your account for validation. Once we have confirmed your details, your account will be validated.
Why do I need to prove my identity?
Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 bullion dealers are required to know their customers and be reasonably satisfied that an individual customer is who they claim to be and for other customers, confirm the entity exists and who the beneficial owner is (see the AUSTRAC website for more information).
In addition, verifying your identity enables us to ensure that if you request physical delivery, we can be sure it is collected by, or delivered to, you and not someone else.
Why do I need to specify a designated bank account?
The designated bank account you provide when you open a Depository Online account is the only bank account to which we will transfer funds to when you request a cash withdrawal. In the unlikely event a hacker got access to your account, this would prevent them from transferring your money to their bank account.
The only way we can be absolutely sure the bank account number we may be given is matched to your name is for a copy of the bank statement to be supplied to us, as many banks will not confirm bank account name and number details over the telephone to us for privacy reasons.
What happens after I submit my account for validation?
We will email you as soon as your account is validated. In addition, you can always track the progress of your validation by logging in and viewing the "Your account" page.
All account validations are checked and reviewed manually by our staff before being confirmed, so please allow 3 working days for us to process them (during busy periods, this may be longer).
If we cannot validate your account straight away for any reason, we will always contact you with details of the problem and how to proceed. So if you haven't received an email, please check the email address your gave us was correct or please contact us directly.