Proof and compliance
What "documented" will mean
For every lot, the buyer will receive six documents. Each answers a question a bank or a refiner will ask.
| Document | What it will prove |
|---|---|
| Seller's file and title | Who sold the gold (identity, know-your-customer checks) and that it came from a lawful mine or cooperative |
| Purchase receipt and XRF result | Gross weight and provisional purity, witnessed by the seller |
| Sealed lot number | Nothing was swapped between the buying centre and the refinery |
| Insured transport record | Who held the metal at every handover |
| Fire-assay certificate | Final weight and purity, issued by the refinery's laboratory |
| Sale or export record | Royalty paid, permit issued, proceeds repatriated |
The policies behind the paper
Anti-money-laundering and know-your-customer
Drafted under the Money Laundering (Prevention and Prohibition) Act 2022 for dealers in jewellery, precious metals and precious stones.
- Who the seller is.
- Whether the title is real.
- Sanctions and PEP checks.
- A record of every transaction.
- Reports to the Special Control Unit against Money Laundering (SCUML) of the Economic and Financial Crimes Commission, once registered. SCUML registration number: pending.
Responsible sourcing
Drafted to align with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, including its Supplement on Gold. This is the framework the LBMA Responsible Gold Guidance is built on.
Payment and cash
All payments to sellers by bank transfer, never in cash. No deposits taken, no investments offered, no gold sold to the public.
We will refuse to buy from any seller who cannot evidence title, identity and a bank account in their own name, and we will record the refusal.
These policies will be available to counterparties on request once adopted by the board. A designated compliance officer will be named here when appointed.
What we are not
Wangara Gold is not a member of the London Bullion Market Association or the Dubai Multi Commodities Centre and does not hold Good Delivery status. It holds no licence yet from the Federal Ministry of Solid Minerals Development, is not yet registered with SCUML, and is not a registered supplier to the National Gold Purchase Programme. See Updates for the status of each.
We do not take deposits, offer investments or sell gold to the public. We do not raise capital through this site.
Protect yourself from impersonation
- We communicate only from addresses ending in @wangaragold.com. Our only website is wangaragold.com.
- We have no agents or representatives beyond the people named on this site.
- We never ask for advance fees and never charge to register a seller or buyer.
- To check a message, call +234 707 737 0156. Report impersonation to us and to the Economic and Financial Crimes Commission.
Concerns about our conduct or sourcing: email info@wangaragold.com marked "Compliance". A grievance procedure will be published here when adopted.
Glossary
- Doré
- Raw gold from a mine, before refining; usually mixed with silver and other metals.
- XRF
- X-ray fluorescence: a hand-held test that reads the composition of metal in seconds without damaging it.
- Fire assay
- The refinery's melt test that fixes final weight and purity.
- Purity, or fineness
- How much of a lot is gold, in parts per thousand: 999.9 is bullion grade.
- LBMA Gold Price
- The London benchmark price for gold, set twice a day.
- SCUML
- The Special Control Unit against Money Laundering of the Economic and Financial Crimes Commission, which registers dealers in precious metals.
- PEP
- Politically exposed person; a seller or buyer who holds or has held public office, who must be checked more carefully.
- Toll refining
- Paying a refinery a fee to refine your metal, which stays yours.
- Specie insurance
- Insurance that covers precious metal while it is stored or in transit.
- Schist belt
- The band of old rock where Nigeria's gold occurs.