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What is the relationship between GBI, Broker-dealer and retail customer?

April 26, 2017broker-dealer customer gbi relationship retail

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What is the relationship between GBI, Broker-dealer and retail customer?

1 Answer

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GBI will not have a relationship with any Retail Client by virtue of the Retail Client’s purchase or sale of precious metals through a Broker and GBI will not know the identity of any Retail Client. Brokers will be responsible for tracking the precious metal holdings of their Retail Clients, providing reports to Retail Clients and placing orders with GBI on behalf of Retail Clients. Brokers will be required to certify to GBI that all anti-money laundering, “know your customer” and other requirements have been satisfied with respect to each Retail Client.