From the moment the bullion arrives or leaves our vaults, every piece of it is accounted for by the Singapore Customs Authority. In the F.A.C.T. reporting process, the Independent Auditors will ensure that the amount of bullion under storage is correct and no fraudulent activity takes place within the trading platform. This involves checking that the following requirements are fulfilled:
- Only fully verified SGPMX members can buy and/or sell bullion in the Exchange, where each individual in the Exchange has a record of their bullion holdings under custodial storage.
- The amount of money that changes hands are all recorded.
- All serialized bars are allocated and pictures of the bullion in storage are taken for record purposes.
- Any withdrawals of funds or bullion is only done after a daily manual verification and approval.
Records covered:
Storage facility daily reconciliation. All bullion products that are in storage are recorded. The records include:
- Customs Clearance
- Safekeeping Statements
When a trade takes place. Each trade is traced. Every trade will trigger three individual records:
- New Safekeeping Statements
- Funds Transfers
- SGPMX Database Transfers
Any major variation between each of the records will lead to further investigation.
Request for F.A.C.T. Report
