KYC and AML Notice
1. Why HBC checks identity
1.1HBC is a dealer in precious metals. Under the Asset (Money) Laundering Prevention Act 2064, its rules, and the Inland Revenue Department's directive for dealers in precious metals and stones, HBC is a reporting entity. It must know its customers, keep records, and report certain transactions to the Financial Information Unit of Nepal Rastra Bank.
1.2These duties are HBC's and cannot be waived by a customer. They apply to every customer, every channel and every transaction.
2. What HBC collects
Before your first purchase:
- full legal name;
- a government-issued photo identity document (citizenship certificate, passport, national ID or driving licence), photographed or uploaded;
- Permanent Account Number (PAN);
- residential address;
- mobile number and email;
- for a business: company registration, PAN, the authorised representative's identity and authority, and the beneficial owners.
HBC may ask for the source of funds for larger transactions, and for updated documents at any time. KYC is reviewed by a second HBC staff member before it is approved. A guest purchase is subject to the same identification; the information is captured at checkout and reviewed before the product is released.
Foreign nationals may buy with a passport and a Nepal PAN. Payment and buy-back proceeds for foreign nationals are handled in Nepalese rupees in accordance with Nepal's foreign-exchange rules.
3. When HBC may pause or decline
3.1HBC may pause or decline a purchase, plan payment, settlement, buy-back, gift or refund where:
- identity cannot be verified or documents are expired or inconsistent;
- a payment comes from an account not in your name;
- cash is offered at or above the statutory limit;
- the law requires HBC to do so.
3.2HBC gives its reason where the law permits. In some cases the law forbids HBC from explaining, and HBC will say only that it cannot proceed.
4. Cash
4.1Cash is accepted in store only, within the limits set by law. Transactions at or above the statutory threshold must be paid through your bank account. HBC does not split a transaction to stay below a limit and will decline requests to do so.
5. Reporting
5.1HBC files threshold transaction reports and suspicious transaction reports as the law requires. These are filed by HBC's compliance function, independently, and the law prohibits HBC from telling a customer that a report has been made. Customers are not asked about reports and should not expect to be told.
6. Why HBC buys back only its own products
6.1HBC buys back only products it sold and recorded to the seller, so that the origin of every gram it buys is known. This is an anti-money-laundering control and is not negotiable.
7. Records
7.1HBC keeps identity and transaction records for the period the law requires after the relationship ends, currently at least five years, and longer where a legal hold applies. These records are kept even if you delete your account. See the Privacy Notice.
8. Your part
8.1Give HBC true and current information. Tell HBC when your details change. Pay from your own account. A customer who gives false information, uses a third party's account or attempts to structure transactions may have their account closed and may be reported.
9. Compliance contact
9.1Questions about this notice go to info@himalayanbullion.com. HBC will not discuss individual reports.