Income documents when buying AP

[Octagon Guy]

Originally Posted by Daisy502

It wasn't an email but a text message from the SA outlining the documents and telling me it'll take around 3 weeks from allocation to purchase given the document review and all. Whilst I understand money laundering checks, I thought this applies to certain businesses with a certain license like banks... thanks all for the info. This has been helpful.

Talk to the Boutique manager. I don't believe this is the standard practice. Any transaction in cash of SGD20K or more, you have to do a declaration and sign some documents at the Boutique. This is how the Boutique do their due diligence. As for CC transactions or bank transfer, it has nothing to do with the Boutique. It's the bank's responsibility to trace the source of money.

[cascavel]

Originally Posted by texasmade

AP- what are some of your other hobbies?
Me- I enjoy going to swingers parties and doing lots of cocaine.
AP- uhhh... what kind of car do you drive?
Me- I drive a van so I can easily smuggle more cocaine home.
AP- can we see your income documents?
Me- it's all money laundered cash.
AP- you're the perfect client. Which Jumbo would you like to buy today?

Hilarious! I guess a statement of net worth is the logical next step for watch boutiques. Of course the most common answer should be "I'm worth ten billion, trust me". But I like the detail in yours.

[Ichiran]

I just got my AP last month in Singapore boutique and nobody asked for income document.

The AML regulations (PSPM Act) is only applicable to cash payment above S$20k per transactional basis, or if ML/TF risk is suspected.

There is nothing on KYC on customer onboarding or ongoing monitoring such as that you get from a financial institution.

[trackingtime]

Originally Posted by Ichiran

I just got my AP last month in Singapore boutique and nobody asked for income document.

The AML regulations (PSPM Act) is only applicable to cash payment above S$20k per transactional basis, or if ML/TF risk is suspected.

There is nothing on KYC on customer onboarding or ongoing monitoring such as that you get from a financial institution.

Exactly. If above 20k. Have to do STR (Suspicious transaction report)
There's no need for income statement to prove.
Can OP screenshot the sms?

[LUDA]

In Spain they make you sign a document where you explain what's the source of your income, you don't have to prove it, you just say it comes from work, or investments, or whatever.

I believe there was also a question asking something like your income doesn't come from any illegal activities and you had to answer yes or no. And there was also a point about being a politician or direct family of a politician.

It was all about money laundering basically, but they would take your word for it, you could be selling drugs just write it doesn't come from anything illegal and call it a day.

[rolexandlange]

"my family has no income or profession. we have been living off the interest for generations and have never touched the principal. bring me my Jumbo while the other two SAs fight to the death!"

works every time.

[trackingtime]

Originally Posted by rolexandlange

"my family has no income or profession. we have been living off the interest for generations and have never touched the principal. bring me my Jumbo while the other two SAs fight to the death!"

works every time.

[rappvctrinity]

Originally Posted by Henrimontgomery

Are you sure you’re not being scammed by a third party?

yes this sounds like a scam to me as well

[brandrea]

Originally Posted by trackingtime

Can OP screenshot the sms?

I’d like to see it too

[Vivalas]

Sounds like a shaggy dog story to me!

[PreferHackingSeconds]

Originally Posted by Daisy502

Hi all - I was asked for income documents before buying an AP watch in Singapore. They've mentioned it's a regulation - probably around prevention of money laundering. But it seems I need to wait for HQ approval. Anyone got a similar experience?

Have bought from SG boutique. No such requirements.

Singapore shops generally don't accept cash above $20,000 without declaration and verification of identity. But I haven't heard the boutique asking people for income documents. They just asked me for a name card and payment with a credit card if possible.

[GW44]

Originally Posted by texasmade

AP- what are some of your other hobbies?
Me- I enjoy going to swingers parties and doing lots of cocaine.
AP- uhhh... what kind of car do you drive?
Me- I drive a van so I can easily smuggle more cocaine home.
AP- can we see your income documents?
Me- it's all money laundered cash.
AP- you're the perfect client. Which Jumbo would you like to buy today?

I knew I had a stalker when I last visited AP House.......

[gretch6364]

Don’t believe it until you hear it for yourself. Don’t feed the trolls.

[James84]

The truth is all of the big brands (AP, Patek, Rolex) want elite customers. Elite meaning high net worth, celebrity, athletes, extremely wealthy entrepreneurs and so on. Those people that wear their watches will attract similar wealth and “elite class” clients to the brand.

I know for a fact that some AD’s for Patek even Google search first time client names and home addresses to see what they are worth and that determines if they will ever get a watch.

It’s a pre-qualifying of caste system to determine if the person is worthy of the product. All very cringe, to say the least. But all boutiques and AD’s are not the same. This definitely happens everywhere with these brands, but there are a few good people within too that will genuinely want to develop a relationship with you without these cringe tactics. It’s up to you to find the right boutique and sales person in that boutique. You are dealing with a lot of sharks in this industry, but there still are a few good fish in the pond that are genuine and will work with if you if they like you.

[dauster]

Originally Posted by James84

The truth is all of the big brands (AP, Patek, Rolex) want elite customers. Elite meaning high net worth, celebrity, athletes, extremely wealthy entrepreneurs and so on. Those people that wear their watches will attract similar wealth and “elite class” clients to the brand.

I know for a fact that some AD’s for Patek even Google search first time client names and home addresses to see what they are worth and that determines if they will ever get a watch.

It’s a pre-qualifying of caste system to determine if the person is worthy of the product. All very cringe, to say the least. But all boutiques and AD’s are not the same. This definitely happens everywhere with these brands, but there are a few good people within too that will genuinely want to develop a relationship with you without these cringe tactics. It’s up to you to find the right boutique and sales person in that boutique. You are dealing with a lot of sharks in this industry, but there still are a few good fish in the pond that are genuine and will work with if you if they like you.

I certainly believe it - especially Asians ADs Singapore , Taiwan and Bangkok that I recently visited. but then again, I think they need regular customers that make good money too. Otherwise ADs would not have a bunch of unsold stock and it’s definitely happening again that Patek complications on strap and ROOs/ codes are available. Same goes for Rolex. I don’t think the super elite attitude is sustainable.


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[James84]

It’s a business model. We shall see how it plays out in the long term

[1st amg]

This is another level of ridiculous.

[gauwow]

Originally Posted by Ichiran

I just got my AP last month in Singapore boutique and nobody asked for income document.

The AML regulations (PSPM Act) is only applicable to cash payment above S$20k per transactional basis, or if ML/TF risk is suspected.

There is nothing on KYC on customer onboarding or ongoing monitoring such as that you get from a financial institution.

And then there's Japan. When I went to pick up my watch. I saw a guy put about 50 -60 mil JPY on the table and the staff was counting it using the machine. no private room nothing. They love their cash in Japan. I was shocked!

[In-N-Out]

Originally Posted by gauwow

And then there's Japan. When I went to pick up my watch. I saw a guy put about 50 -60 mil JPY on the table and the staff was counting it using the machine. no private room nothing. They love their cash in Japan. I was shocked!

must be yakuza. heard they pay pretty well these days