Know Your Customer (KYC) & Verification Policy — Bynnex Ltd

Last updated: 9 May 2026
Website: bynnex.co.uk
Company: Bynnex Ltd

1. Purpose

Bynnex Ltd is committed to maintaining a secure and compliant trading environment.

As a bullion and precious metals retailer, we may carry out customer verification procedures to:

  • prevent fraud;
  • reduce financial crime risk;
  • comply with legal and regulatory obligations;
  • protect customers and payment systems;
  • support anti-money laundering and sanctions compliance.

This policy explains when and how identity verification checks may be conducted.

2. When Verification May Be Required

Bynnex Ltd may request verification before processing, dispatching, refunding, or completing transactions.

Verification may be required where:

  • an order exceeds internal risk thresholds;
  • payment activity appears unusual;
  • billing and delivery details differ;
  • multiple accounts or transactions appear linked;
  • enhanced fraud prevention checks are necessary;
  • the transaction involves elevated money laundering or sanctions risk;
  • a refund request requires additional verification;
  • we are unable to verify information electronically.

We reserve the right to request verification for any transaction at our discretion.

3. Information We May Request

Customers may be asked to provide one or more of the following:

Proof of Identity

Examples include:

  • passport;
  • driving licence;
  • national identity card.

Proof of Address

Examples include:

  • utility bill;
  • bank statement;
  • council tax letter;
  • government-issued correspondence.

Documents may need to be recent and clearly legible.

4. Enhanced Verification

For higher-risk transactions or where legally required, Bynnex Ltd may request additional information including:

  • source of funds information;
  • proof of payment ownership;
  • confirmation of business activity;
  • additional identification documents;
  • video or selfie verification.

Enhanced due diligence may be applied where transactions present elevated fraud or financial crime risk.

5. Sanctions & Fraud Screening

Bynnex Ltd may conduct checks against:

  • sanctions lists;
  • fraud prevention databases;
  • politically exposed person (PEP) databases;
  • adverse media sources.

Transactions may be delayed, cancelled, refunded, or refused where concerns arise.

6. Failure to Provide Verification

If requested verification is not provided, Bynnex Ltd may:

  • delay order processing;
  • cancel orders;
  • refuse transactions;
  • restrict future purchases;
  • issue refunds to the original payment method.

We reserve the right not to disclose detailed internal risk assessments or fraud prevention methods.

7. Data Protection

Verification documents and personal information are handled in accordance with our Privacy Policy and applicable UK data protection laws.

Information may be securely shared with:

  • identity verification providers;
  • fraud prevention services;
  • payment processors;
  • law enforcement or regulatory authorities where legally required.

We do not sell customer verification data.

8. Retention of Verification Records

Verification records may be retained for compliance, fraud prevention, legal, accounting, and regulatory purposes for periods considered appropriate under applicable laws and internal risk procedures.

9. Fraud Prevention Notice

Providing false, misleading, altered, or stolen documentation may result in:

  • transaction refusal;
  • account restrictions;
  • reporting to relevant authorities;
  • legal action where appropriate.

10. Contact

For questions relating to this policy, contact:

Bynnex Ltd
Website: bynnex.co.uk
Email: info@bynnex.co.uk