With this confirmation Vaultoro acknowledges that with each withdrawal request by a Vaultoro member, a chain of instruction will be set in motion which includes a reputable 3rd party Law and Auditing firm that must sign all withdrawal transactions. This insures that Vaultoro founders, executives, or other employees do not have legal authority to access any gold without a third signature. In all cases, for a physical gold withdrawal order to be executed, 3 signatures are required:
1 signature from the client requesting the physical withdrawal of their gold holdings.
1 signature from the Vaultoro CEO - currently Joshua Scigala. To gain a signature of execution from the Vaultoro CEO the following instructions need to be satisfied:
Vaultoro will check
that the member has enough gold on account
that the chain of trades is consistent to the funds being requested
that the member has verified their name and address and uploaded the correct verification documents to meet the KYC (“Know Your Customer”) and AML (“Anti Money Laundering”) regulations of the United Kingdom and EU
that the member has 2 factor authentication turned on.
that the member has paid the appropriate postage and handling fees for the withdrawal amount
If all instructions to this point have been met positively then the withdrawal request is signed and sent through to the 3rd party Law and Auditing firm
The 3rd Party Law & Auditing firm checks
that the member is verified on the Vaultoro system in accordance to KYC/AML regulations and that the postage address matches verified documents. This is to ensure no Vaultoro employee or hacker can withdraw gold that does not belong to them.
that the member identified has the gold balance on Vaultoro to satisfy the withdrawal and fees incurred.
If both above criteria are met then the 3rd party law firm signs the third signature and forwards the physical withdrawal request onto the Vault Operator.
The vault operator in accordance with the storage agreement signs, withdraws, packages and ships, with insurance, the gold out to the Vaultoro member's verified shipping address.
See the article "How te get physical delivery"