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  • F.A.C.T. Report

    Keep your bullion in check always via our proprietary F.A.C.T. reporting process, which covers Procurement, Storage, and Transactions in the Exchange.

    Definition of F.A.C.T.

    Frequent

    Daily reconciliations are made for all bullion stored and traded in our secure bonded vaults. These daily reconciliation reports are complemented with Quarterly Factual Finding reports by an Independent Certified Auditor.

    Accountable

    Bullion is individually allocated and segregated to the owner, and every transaction is accounted for.

    Certified

    F.A.C.T. reports are provided by recognized Independent Auditor or Chartered Accountants only.

    Traceable

    All bullion traded in the Exchange is accorded to the rightful owners.


    F.A.C.T. checklist

    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

    Documents

    Storage facility daily reconciliation

    Custodians and Bonded Storekeepers records all bullion products that are in storage. The records include:

    • - Customs Clearance
    • - Safekeeping Statements
    Documents

    When a trade takes place

    Each trade is traced. Every trade will trigger 3 individual records:

    • - New Safekeeping Statements
    • - Funds Transfers
    • - SGPMX Database Transfers

    Any major variation between each of the records will lead to further investigation.

    F.A.C.T. Report on demand

    Customers can also request for their own personalized F.A.C.T. Report to be conducted by an Auditor of their own choice.

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