Daily reconciliations are made for all bullion stored and traded in our secure bonded vaults.
These daily reconciliation reports are complimented with Quarterly Factual Finding reports by an Independent Certified Auditor.
Bullion is individually allocated to the owner.
SGPMX only facilitates trade of bullion that is fully allocated and segregated, and every transaction is accounted for.
F.A.C.T. reports are provided by recognized Independent Auditor or Chartered Accountants only.
From the moment the bullion arrives or leaves our vaults, every piece of it is accounted for.
It is important to note that all bullion traded in the Exchange needs to be accorded to the rightful owners.
The F.A.C.T. Protocol is here to ensure that all transactions follow a stringent process that guarantees transparency and accountability.
There are 4 important records that will be scrutinized at every F.A.C.T. report. The Independent Auditors will not only look into the amount of bullion under storage, but also ensures that no fraudulent activity takes place within the trading platform. The F.A.C.T. report involves the following processes:
1. Custodians and Bonded Storekeepers records all bullion products that are in storage. The records include: - Customs Clearance - Master Bar List - Safekeeping Receipts
2. Every trade can only be facilitated when the buyer's account has sufficient funds. The amount of money that changes hands are all recorded.
3. Each trade is traced. Since SGPMX only facilitates trade of bullion that is fully allocated and segregated, every trade is transparent and can be easily audited. Every trade will trigger 3 individual records: - New Safekeeping Receipts - Funds Transfers - SGPMX Database Transfers
4. Only fully verified SGPMX members can buy and/or sell bullion in the Exchange, and each individual in the Exchange has a record of their bullion holdings under custodial storage.
5. Any major variation between each of the records will lead to further investigation.
6. Any withdrawals of funds or bullion can only be done after a daily manual verification and approval.
7. Customers can also request for their own personalized F.A.C.T report to be conducted by an Auditor of their own choice.
Fill out this form and we will get in touch with you to make the necessary arrangements.