External governance & verification . . .
The success of AFE in today’s competitive market is largely due to the strength of the company’s governance.
AFE retains the services of Panama Financial Mangement Services Limited (PFMS) as its Independent Auditing and Verification Company to provide independent auditing and verification services. Bullion bailments are independently inspected and verified by an international top-10 auditing firm on PFMS’s behalf.
No vault access can be made, or bullion removed from bullion vaults, without the signatures of both AFE and the Independent Auditing and Verification Company, and by the personal attendance of an independent bullion verification agent under the direct instructions of the Verification company.
Panama Financial Management Services Company (PFMS) independently appoints international top-10 auditing firms as independent bullion verification agents. Bullion holdings are independently inspected and verified by the bullion verification agent who is retained and reports directly to the independent Auditing and Verification Company. PFMS independently audits AFE’s bar inventory against client’s Allocated Accounts to confirm bars allocated to client accounts by bar number match bars held in AFE vaults as verified by bullion auditor.
See USER AGREEMENT
Panama Financial Management Services (PFMS) registered under Panamanian laws as per register (RUC) 665215-1-461828 is engaged by The Anglo Far-East Bullion Company to provide independent auditing and verification services over The Anglo Far-East Bullion Company’s client bullion holdings, principally held in Kloten, Zurich. The services of Grant Thornton in Zurich have been retained as independent bullion auditors during bailment of bullion into AFE vaults.
There are no cross ownership interests, with no director or shareholder of AFE having financial or beneficial interests in Panama Financial Management Services Ltd.
London Bullion Market Association Services Providers
The London Bullion market Association (LBMA) provides framework for refining standards and good trading practices amongst firms engaged in refining, trading, vaulting and transporting of gold and silver.
Bullion Bars: All bullion bars held by AFE on behalf of its clients are held exclusively in the form of London Bullion Market Association certified “good delivery bars”.
Bullion Vaults: AFE utilizes specialist vault facilities provided by accredited members of the London Bullion Market Association.
AFE has engaged the vault services of ViaMat in Europe, and Brinks Incorporated in Australasia.
VIA MAT Group was formed from MAT TRANSPORT, founded in 1945. Based in Switzerland, the company operates a worldwide transportation, logistics and security storage operation.
Brink’s Incorporated was established in 1859, and is the oldest and largest security transportation and vault services company in the world today, and is a member of London Bullion Market Association.
Bullion Insurance: All gold and silver bullion stored and managed by AFE is at all times insured to a full 100% of its current market value, through Lloyds of London.