Last updated: 19 August 2026
1. Overview
InstaSilver buys precious metal from the public, which carries an inherent risk of handling stolen goods or the proceeds of crime. This policy sets out what we actually do about that. It describes current practice rather than aspiration, and we update it when the practice changes.
2. Our regulatory position
We pay by bank transfer only. We never pay in cash, which means we do not meet the definition of a High Value Dealer under the Money Laundering Regulations and are not required to register with HMRC as one. If we ever begin paying in cash we will register first.
The checks below are therefore our own policy rather than a registration requirement. We apply them because they are the right thing to do in this trade, not because we are compelled to.
3. Identity checks
We verify identity at the payment stage. Getting a quote and a postage label requires no identity check, because at that point no money is moving and no risk has crystallised.
Baseline, on every payment. We pay only to a UK bank account in the name of the seller as given at submission. A bank has already carried out its own identity verification to open that account, so a name-matched transfer is a genuine identity anchor rather than a formality. We do not pay to third parties, and we do not pay in cash.
Enhanced checks. For higher-value lots, or where anything about a submission gives us cause for concern, we require a document or photograph-based identity check before releasing payment. We may hold payment until that check is completed. Where a third-party verification provider is used for this, we will name it in this policy.
Estates. Where a submission is made on behalf of an estate we ask for evidence of the executor's authority, normally the Grant of Probate or Letters of Administration, and pay only to an account in the name of the estate or the named executor.
Trade accounts. Business sellers are checked against Companies House before an account is opened, and we confirm the identity of the person authorised to transact.
4. Record keeping
We keep the following for at least six years from the date of each transaction:
- Transaction details: items, tested weights, purities, the rate applied, the sum paid, and the date.
- The submission record, including photographs supplied by the seller.
- Payment records, including the account name paid.
- Any identity documents obtained where an enhanced check was carried out.
Records are held securely and deleted after the retention period unless a specific legal reason requires us to keep them longer. How this data is handled is set out in our privacy policy.
5. What we check on arrival
Every parcel is opened and weighed on camera, and every item is XRF tested. That gives us an objective record of what was received, which protects both sides in a dispute and makes it considerably harder to pass off misdescribed goods.
6. Suspicious activity
We may delay or refuse any transaction that raises concerns. Circumstances that would prompt a closer look include inconsistencies between what was described and what arrives, submissions that appear to be split to stay below a threshold, a pattern of submissions inconsistent with a private seller, a request to pay a third party, or items that appear to be stolen.
Where we suspect items are stolen or connected to crime we may report the matter to the relevant authorities, including the police or the National Crime Agency. In some circumstances we may be unable to tell you that we have done so.
7. People
Everyone involved in receiving, testing or processing submissions is briefed on these procedures: how identity is confirmed at payment, what red flags look like, and how to escalate a concern rather than deal with it alone. Nobody processes a payment outside the checks described above.
8. Compliance queries
Questions about this policy, or about a specific transaction, can be sent to hello@instasilver.co.uk.
If you believe you have information relevant to money laundering or to stolen goods, you can contact the National Crime Agency directly at nationalcrimeagency.gov.uk.