BMG products meet the highest standards in the world for bullion quality and security, in no small part due to highly effective working relationships with trusted service providers. BMG maintains ongoing professional associations with the following organizations:
The Bank of Nova Scotia / ScotiaMocatta
BMG deals exclusively with ScotiaMocatta, a division of The Bank of Nova Scotia, for all of its bullion purchases. Records trace bullion transactions in London back to the 17th century with the formation of the oldest original member of the market, Mocatta & Goldsmid, in 1684. It was, however, the introduction of the London Silver Fixing in 1897 and the London Gold Fixing in 1919 that marked the beginning of the market’s structure and of the co-operation between members that has created the marketplace as it is today.
The growth in the number and type of market participants in the early 1980s, combined with the introduction of the Financial Services Act in 1986, brought about the formation of the London Bullion Market Association (LBMA) in 1987. The Bank of Nova Scotia purchased Mocatta & Goldsmid in 1997, and ScotiaMocatta is one of the eleven market-making members of the LBMA.
London Bullion Market Association (LBMA)
BMG is an Associate Member of the LBMA. The LBMA Good Delivery List of acceptable refiners is now widely recognized as representing the de facto standard for the quality of gold and silver bars, in large part thanks to the stringent criteria for assaying standards and bar quality that an applicant must satisfy in order to be listed.
The LBMA is the London-based trade association that represents the wholesale gold and silver bullion market in London. London is the focus of the international Over-the-Counter (OTC) market for gold and silver, with a client base that includes the majority of the central banks that hold gold, plus producers, refiners, fabricators and other traders throughout the world.
The LBMA requires that all LBMA Good Delivery Gold Refiners comply with the LBMA Responsible Gold Guidance. The LBMA Guidance is based on anti-money laundering principles as well as the five-step framework for risk-based due diligence of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas..
Financial Transactions Reports Analysis Centerof Canada (FINTRAC)
FINTRAC, Canada’s financial intelligence unit, is a specialized agency created to collect, analyze and disclose financial information and intelligence on suspected money laundering and terrorist financing activities. It operates at arm’s length from law enforcement agencies.
For all qualifying clients of the BMG BullionBars program, BMG verifies each individual’s personal information for the protection of both parties, and ensures all transactions are FINTRAC compliant.
BMG and its subsidiaries are registrants with FINTRAC, as either Securities Dealers or Dealers in Precious Metals and Stones, as may be applicable under varying circumstances, and as it relates to our various product offerings. As a registrant, any and all transactions with both domestic and international clients are assessed and completed in accordance with the regulations, guidelines and directives established by FINTRAC, in our collaborative effort to minimize or eliminate the risks associated with money laundering and terrorist financing activities.
RBC Investor Services Trust
RBC Investor Services is a wholly owned subsidiary of Royal Bank of Canada, one of the largest and most financially sound banks in the world. RBC Investor Services Trust is the Sub-custodian/Administrator of BMG Funds’ bank account and is responsible for BMG Funds’ banking, record-keeping, daily valuation and processing of all purchases and redemptions.
KPMG LLP
KPMG International’s member firms have 145,000 people working in 152 countries/territories around the world, and KPMG LLP is its Canadian member firm.
Bullion holdings in BMG Funds and in the BullionBars program are audited and confirmed annually by KPMG LLP. KPMG’s Advisory professionals also work with BMG to tackle issues and opportunities affecting growth, governance, performance, and risk management..
Ernst & Young
Ernst & Young is a global leader in tax, assurance, transaction and advisory services with 152,000 employees worldwide.
Business continuity planning is paramount to serving BMG clients, and Ernst & Young provides valuable services to support business continuity planning at BMG, ensuring that there are prevention and recovery plans in case of any exposure to internal or external threats.
Fasken Martineau
Tracing its Canadian roots back to the 1800s, Fasken Martineau is a leading international business law and litigation firm with nine offices and approximately 700 lawyers across the UK, Canada, France and South Africa. Fasken Martineau serves as legal counsel to ensure that BMG contracts, Fund compliance and all regulatory filings adhere to the highest legal standards.
Lowers & Associates
Lowers & Associates is an internationally recognized risk management company, providing risk management and loss prevention services that weave risk assessment, audit, investigation and compliance into comprehensive programs that protect the interests of BMG and BMG clients.
Brinks Inc.
Brinks Inc. is a global leader in security-related services for banks, retailers and a variety of other commercial and governmental customers. The company’s services include armoured car transportation, money processing, long-distance transport of valuables, vaulting and other value-added solutions. For BMG, Brinks provides safe bullion delivery to our clients around the world.
New Direction IRA
BMG BullionBars can be held in a Self-Directed IRA account with New Direction IRA Inc., a trusted BMG provider of investor education and record-keeping services for retirement accounts. New Direction IRA enables individual investors to take control of their tax-advantaged retirement funds using alternative asset opportunities that are ideally suited to each investor’s retirement.
