BANK to BANK PROCEDURES

GOLD BULLION SALES & PURCHASE PROCESS

1. Buyer accepts Seller SCO by signing and stamping. Then completing LOI and CPO templates provided and returning all the 3 documents back to seller mandate or facilitator for review before submission to Seller for approval

2. From the information provided in the SCO + LOI + CPO, the Seller will issue Draft SPA to the Buyer

3. The Buyer completes, signs and stamps the Draft SPA - FIRST and returns to the Seller who completes SECOND

4. The Seller completes, signs and stamps the received draft SPA and issues a Final SPA in secure PDF copy format

5. The final SPA copy is sent to the Buyer to lodge with their bank and bank officer. Same applies to the seller

6. The bank officers assigned will oversee the lodged SPA and conduct the necessary DD and verifications on Buyer and Seller + all the documents submitted by each party as part of the requirements including

a : verify buyer POF

b : verify seller POP

7. When all is in order the bank officers will agree to proceed with the transaction and follow the procedures in the SPA 

8. The Bank will reject the SPA if all the necessary requirements are not met by either party and the transaction will not proceed

There is no third party due diligence by buyer mandates or lawyers necessary or required in a Bank to Bank process since all is conducted by the respective bank officers and are in possession of all the necessary documents submitted the by Buyer and Seller with the Final SPA . The respective banks provide full bank responsibility once the transaction is agreed upon and proceeds, hence they are very stringent and detailed in the process in a safe, secure, private and confidential manner to the benefit of both the Buyer and the Seller and hence the preferred method.

NARGIS Commodities - Gold Bullion procedures 2025