KYC & Fraud Prevention Policy
As a retailer of high-value luxury goods, Prestigious Jewellers is committed to maintaining a secure buying environment for all clients. To protect our customers, our business, and the wider luxury watch market, we carry out identification checks on certain transactions. These checks help prevent fraud, money laundering, and the sale of goods to prohibited individuals.
1. When Identification Is Required
KYC (Know Your Customer) checks apply to:
– All new clients
– Online or remote purchases
– Any transaction flagged as high value or high risk (typically £1,000+)
– Situations where additional verification is considered appropriate by our team
2. Standard Identification Requirements
For purchases above £1,000, customers must provide:
– One form of photographic ID (passport or driving licence)
– One proof of address dated within the last 2 months (utility bill, bank statement)
A valid Driving license is also acceptable as proof of address. The address must match the billing or delivery details for the order.
These documents must be submitted within 48 hours of our request to avoid delays in processing or dispatch.
3. Enhanced Due Diligence
Enhanced checks are carried out where additional verification is necessary, including:
– Orders exceeding £50,000
– Multiple large purchases within a short period
– Remote transactions where the customer has not been met in person
– Politically exposed persons (PEPs) or clients with higher-risk indicators
In these circumstances, we may request:
– A second piece of identification
– Confirmation of source of funds
– Additional supporting documentation
All enhanced checks undergo manual review by senior management before the transaction can proceed.
4. Verification Process
All documents submitted are examined manually by trained staff. Our team verifies:
– Authenticity and validity of the photographic ID
– That the customer’s name matches the order and payment information
– That the address is accurate, recent, and corresponds with the shipping details
If documents cannot be verified or appear altered, the order will be paused and escalated to management. Additional documentation may be requested, or the order may be cancelled entirely if concerns remain.
5. Data Handling, Security & GDPR Compliance
We take the protection of personal information extremely seriously. All KYC-related data is handled in compliance with GDPR and UK data protection laws.
Secure Storage:
– Electronic copies are stored on encrypted systems with restricted access.
– Physical documents (if ever used) are kept in secure, locked storage.
Use of Data:
– KYC documents are used solely for identity verification, fraud prevention and legal compliance.
– Information is not shared with third parties except where legally required (e.g. law enforcement or court orders).
Retention & Deletion:
– KYC records are retained for at least 5 years, or longer if required by law.
– Once the retention period ends, documents are securely deleted or destroyed.
– Customers may request access or corrections to their data under GDPR rules.
6. Customer Notification & Consent
Customers are informed that identification may be required during checkout or when initiating a high-value purchase. By continuing with the transaction, the customer consents to these verification checks.
7. Staff Responsibilities
All sales staff are responsible for conducting KYC checks for their own transactions. Before dispatching a high-value watch, the salesperson must ensure all required documents have been received and verified.
Management oversees the KYC programme, reviews difficult cases, and provides guidance where necessary. Team members must escalate any suspicious documents or inconsistencies before a sale is completed.
Ongoing training is provided to ensure staff are able to spot forged documents, assess risk indicators, and comply with legal requirements.
8. Commitment to Integrity
By following this KYC and Fraud Prevention Policy, Prestigious Jewellers safeguards the authenticity of our transactions, protects our clients, and upholds the standards of the luxury watch industry.