They are registered and recorded, with no losses.
When new bullion arrives into Le Freeport Singapore, a series of protocols will be triggered between SGPMX Bonded Storekeepers, Independent Auditors and SGPMX Headquarter.
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 can be 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.
1. The Bonded Storage Storekeepers record bullion products in the Master Bar List and issue safekeeping trust receipts. Bullion is then stored into the allocated storage. The Master Bar List contains the ownership details of all owners.
2. SGPMX also maintains a safekeeping record or bar list for all products under storage by Bonded Storage facilities. Every individual bullion product is allocated to their respective owners.
3. The trading platform’s database will be updated and the member’s own online records will reflect the safekeeping records, or bar list of all owned bullion in storage. Trade requests can only be made when there is physical ownership of bullion in storage.
4. SGPMX will provide the Storekeepers a real time list of all successful trades and update the Master Bar List. Safekeeping receipts will also be made out to the new owner of the bullion and copies of each instruction will be given to External Auditors as well. The trading platform will be updated and the new owner of the bullion will now find records on his or her online inventory list.
5. Reconciliation reports and records will be conducted from time to time. Any phantom bullion traded will be exposed should both database and safekeeping records do not match. A third party external F.A.C.T. report will be made every quarter to ensure that all bullion products are tracked and that the database from the trading platform as well as safekeeping records match.
We make every effort to know our customers for your peace of mind.
Every participant in the Exchange undergoes a minimum of 3 levels of authentication.
1. Participants of SGPMX must first register for an SGPMX account. Requirements include providing their personal details and matching photo-based identification such as a driver's license, passport or national ID for verification.
2. The SGPMX Trading Account only allows funds that are transferred from a recognized bank account. Both identities (the SGPMX Trading Account and Bank Account from which the funds are being transferred) must match. All unused funds will be automatically remitted back to the account holder after 30 days.
3. SGPMX also requires that each participant provides sufficient proof of identity before being allowed to trade. For participants who prefers the storage option, they are then required to provide sufficient proof of identity for the safekeeping receipts to be issued by Bonded Storekeepers.
4. Participants can procure bullion products from the SGPMX retail store via bank transfer from a matching account or a valid credit card, which will be processed by the UOB online merchant gateway. No third party accounts will be accepted.
5. As every bullion product stored in the Exchange ecosystem is fully allocated and segregated, each participant is validated, otherwise he or she would be barred from participation.
Intelligent, sophisticated but amazingly convenient.
Great care has been taken to ensure that the SGPMX trading platform is not compromised and hacking minimized.
To log into the system, a participant is required to match his or her username and password as well as a special identification code, which he or she had preselected upon registration. Before logging in, the participant is also required to enter a randomly generated CAPCHA to prevent bot attacks. And before any transactions can be made, the participant is required to input his or her unique trading key password for authentication.
An independent third party Internet security monitoring service is in use. This service constantly monitors the SGPMX’s services for any hacking or cyber attacks to the system.
The SGPMX trading platform is served through a secure SSL encrypted server.
If a participant uses an unrecognized computer to log into the SGPMX Trading Account, an email authentication is required in order to proceed with the transaction.