The Perth Mint decided to keep dealing gold certificates to American high net worth customers last year despite internal analysis flagging the practice might be breaking US regulations.
Around 1500 accounts holding $US242 million ($363 million) of US-customer gold were deemed non-compliant, according to The Perth Mint board minutes from May 2022, which then show management’s recommendation to continue “dealing with all US-based customers as normal”.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
