01342 621052 admin@gldcommercialauctions.co.uk Nationwide Coverage
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GLD Commercial Auctions Ltd
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PROFESSIONAL TRUSTED TRANSPARENT

KYC Policy

KNOW YOUR CUSTOMER

Our KYC (Know Your Customer) Policy
helps us verify the identity of our buyers,
sellers and users to prevent fraud,
financial crime and to meet our legal
and regulatory obligations.

Thank you for your cooperation.

Effective Date: 1 July 2026

1. Purpose

GLD Commercial Auctions (“GLD”, “we”, “our” or “us”) is committed to protecting buyers, sellers and our business from fraud, identity theft and financial crime.

This Identity Verification (Know Your Customer or “KYC”) Policy explains when and why we may request identification from our customers.

 

2. Who May Be Asked to Verify Their Identity

We may request identity verification from:

  • Buyers registering to bid.
  • Successful bidders before payment is accepted.
  • Sellers listing assets for sale.
  • Company directors acting on behalf of a business.
  • Anyone collecting assets on behalf of another person or company.
  • Any individual where additional verification is considered necessary.

Verification may be requested at any stage before, during or after an auction.

 

3. Documents We May Request

Acceptable identification may include:

Proof of Identity

  • Valid passport.
  • UK driving licence.
  • National identity card (where applicable).

Proof of Address

  • Utility bill (issued within the last three months).
  • Bank or building society statement.
  • Council tax bill.
  • HMRC correspondence.

For businesses, we may also request:

  • Company registration details.
  • VAT registration number (where applicable).
  • Proof of authority to act on behalf of the business.
 

4. Why We Carry Out Verification

Verification helps us to:

  • Confirm customer identity.
  • Reduce fraudulent activity.
  • Protect buyers and sellers.
  • Prevent unauthorised sales.
  • Comply with legal obligations.
  • Maintain the integrity of our auction platform.
 

5. Additional Checks

Where appropriate, GLD may carry out additional checks, including:

  • Ownership verification.
  • Address verification.
  • Company information checks.
  • Sanctions or regulatory screening where required by law.
 

6. Failure to Provide Information

If requested information is not supplied, GLD may:

  • Delay account approval.
  • Suspend bidding privileges.
  • Refuse to list an asset.
  • Cancel a transaction.
  • Close an account where appropriate.
 

7. Storage of Information

Identity documents are stored securely and accessed only by authorised personnel.

Information is retained only for as long as necessary to fulfil legal, regulatory and business requirements.

For more information, please refer to our Privacy Policy.

 

8. Fraud Prevention

If we reasonably suspect fraud, identity theft, money laundering or any other criminal activity, GLD reserves the right to:

  • Refuse registration.
  • Suspend or close accounts.
  • Cancel auctions or transactions.
  • Retain relevant records.
  • Report information to law enforcement or other competent authorities where required by law.
 

9. Policy Changes

GLD may amend this policy from time to time to reflect changes in legislation or our business practices.

The latest version will always be published on our website.

 

GLD Commercial Auctions

Email: admin@gldcommercialauctions.co.uk

Telephone: 1342 621052

Website: www.gldcommercialauctions.co.uk

VERIFY

We verify identities to ensure all users are genuine.

PROTECT

We help protect our community from fraud, money laundering and unauthorised activity.

COMPLY

We comply with UK regulations and legal requirements.

TRUST

Building a safe, transparent and trusted auction environment.