Terms & Conditions of Gold Custody Services
Service Framework
Terms & Conditions: Foundation of Custody Services
The Terms & Conditions define the legal framework of gold custody at Golden Ark Reserve. They outline client rights, custodian obligations, liability, and regulatory compliance requirements. By establishing clear responsibilities and protections, these terms ensure that custody services are transparent, enforceable, and aligned with international standards.
Scope of Services
Defines the gold custody services provided by Golden Ark Reserve, including custody, reporting, and settlement arrangements.
Client Rights
Clients retain full legal ownership of their allocated bullion, with the right to access proof, reports, and withdrawal terms as defined in agreements.
Custodian Obligations
Golden Ark Reserve ensures secure storage, insurance coverage, compliance with AML/KYC, and transparent reporting to clients.
Liability Framework
Outlines custodian responsibilities and limitations of liability in cases of force majeure or regulatory interventions.
Governing Law & Jurisdiction
Specifies the applicable jurisdiction (Oman Free Zone / UAE regulations) under which custody agreements are enforced.
Dispute Resolution
Establishes the procedures for resolving disputes, including arbitration or mediation in recognized jurisdictions.
Compliance Assurance
Terms & Conditions of Gold Custody Services
1. Scope of Services
These Terms and Conditions (“Terms”) govern the provision of gold custody services by Golden Ark Reserve, operated under Golden Ark General Trading FZC, registered in the Sultanate of Oman. The services covered include custody of allocated bullion, settlement processing, issuance of reports and certificates, and related compliance procedures.
Custody services may include off-market physical gold transactions executed through documented settlement procedures, including same-day (T+0) or near-real-time allocation and ownership confirmation, subject to applicable agreements and operational conditions.
2. Client Eligibility and Onboarding
Clients must complete all AML/KYC procedures prior to entering into custody agreements. Golden Ark Reserve reserves the right to request any additional documents or information required by law, regulatory authorities, or its compliance framework. Services are available to individuals, corporations, and institutions subject to international sanctions screening.
3. Legal Ownership of Bullion
Clients retain full legal ownership of all bullion allocated under custody. The custodian acts solely as a service provider for safekeeping and administration. Allocated bullion remains segregated and identified by barlists and serial numbers. Ownership rights are enforceable under Omani law and internationally recognized standards.
4. Custodian Obligations
Golden Ark Reserve shall:
- Maintain custody of bullion in secure, insured vaults operated by approved third parties;
- Ensure that custody services comply with Omani regulations and applicable international laws, including UAE and Hong Kong standards where relevant;
- Provide periodic reporting, barlists, and insurance certificates;
- Notify clients promptly in case of regulatory changes, material risks, or events affecting custody.
Custody Structure and Third-Party Vaults
Gold custody services may be provided through a combination of direct custody arrangements and third-party vault operators engaged under formal custody or sub-custody agreements. Where third-party vaults are used, Golden Ark Reserve remains responsible for contractual oversight, reporting, and allocation records, while physical storage and certain operational functions may be performed by approved institutional custody partners.
Reporting and Client Access
Clients are provided with ongoing access to custody records, allocation reports, and transaction documentation through designated reporting channels. Availability of reporting and access may be continuous or near-continuous, subject to system availability and operational maintenance windows.
5. Client Obligations
Clients shall:
- Provide accurate and complete information for onboarding and AML/KYC purposes;
- Maintain up-to-date records and promptly notify of any changes;
- Refrain from using custody services for unlawful purposes or in violation of applicable sanctions;
- Comply with all payment obligations under custody and settlement agreements.
6. Insurance and Risk Management
All holdings are protected under comprehensive all-risk insurance. Insurance certificates are issued by global insurers and available to clients on request. Golden Ark Reserve shall not be liable for losses arising from events outside its control, including but not limited to war, terrorism, natural disasters, or regulatory intervention.
7. Liability Limitation
The liability of Golden Ark Reserve is strictly limited to the value of bullion under custody as defined in custody agreements. The custodian is not responsible for indirect, consequential, or punitive damages. In case of proven negligence or breach, compensation shall be limited to the actual insured value of the bullion, independent audit and verification procedures.
8. Compliance with Laws
These Terms are governed by the laws of the Sultanate of Oman. Where applicable, Golden Ark Reserve also aligns operations with:
- UAE Federal AML and financial regulations (including DMCC and DFSA standards for custody services);
- Hong Kong regulatory requirements on precious metals storage and compliance;
- International frameworks including FATF recommendations.
9. Governing Law and Jurisdiction
These Terms are governed by the laws of the Sultanate of Oman. Any disputes arising under these Terms shall be subject to the exclusive jurisdiction of the courts and arbitration centers of Oman, unless otherwise required under binding international agreements.
10. Amendments and Updates
Golden Ark Reserve may amend these Terms to reflect changes in law, regulation, or operational requirements. Updated Terms shall take effect upon publication on the official website. Clients will be notified of material changes that affect their rights or obligations.
11. Dispute Resolution
In case of dispute, parties shall first attempt resolution through negotiation. If unresolved, disputes may be referred to arbitration under Omani law, administered by recognized arbitration institutions in Oman, or other jurisdictions where mutually agreed.