Reply With QuoteI'm unable to watch more that about 30 seconds of that guy. How do we know this table hasn't been knocked up by him for clicks, or is some non-authorised thing drawn up by a dealer.
(Paul Thorpe content)
How Rolex AD's REALLY choose their customers FINALLY REVEALED
https://m.youtube.com/watch?v=ZS1WqguLbbE
Last edited by abraxas; 1st September 2021 at 17:47.
I'm unable to watch more that about 30 seconds of that guy. How do we know this table hasn't been knocked up by him for clicks, or is some non-authorised thing drawn up by a dealer.
He's very specific that this is from a particular AD, not from Rolex.
I'm not particularly surprised about any of the conditions laid down. Bascially, regardless of any amount of cash you spend, if you don't buy a low demand Rolex model first you're not getting any steel sports Rolex. I suspect this rule might be bent if you dropped £100k on them but otherwise don't bother.
Why would anyone drop £100k when you can buy a Steel Sports Rolex from a grey for a few grand over list?
Gotta build that relationship. First you buy 2 Corums, perhaps a Brietling or two. The odd crystal ashtray. Buy them chocolates too, perhaps flowers. Impress them with your knowledge of the watch that James Bond "actually" wore in the books.Originally Posted by manganr
Of course you offer your wife, on weekdays only, at first, but be prepared for the odd weekend.
Then, and only then, they might let you buy a 26mm datejust with a dildo pink dial. Don't hate the player, hate the game. The player being Rolex, and the game being "Gary" from Watches of Switzerland.
What a muppet.
How stupid can a High Value Goods dealer be to trivialise the money laundering checks in the checklist.
All seems reasonable to me.
Joe (Cat C)
So you have to give details of your social media accounts to the dealer? Seems easily got around: ‘I don’t have any’.
Most peoples are private, they would learn nothing.
The part that freeked me out was when they were asked to search though the intending customer's media profile, etc. What next? Criminal records? Oh no. That would cost them half their income.
When I was kid back in Cyprus in the 50s, small children were given these gold bracelets with a small plaque with their name engraved on it. They were called "Identity bracelets". Is there were Rolex is going?
PS. I do know it is an AD and not Rolex. If one knows the history of Rolex, then they would know that Rolex have always chased the important wrist. I just find it amazing that an AD would go through your rubbish to see if you are important enough to have one their watches.
Social media searches are normal for adverse / negative media monitoring which is normal ( and required by law) for higher risk clients. The distinction between client and customer ( column A and B implements this control as monitoring for for a relationship ( a client) as opposed to a walk in customer ( an occasional transaction).
Directorships are for AB&C checks and and to determine the actual beneficial owner of the asset ( the watch). These enquiries often result in referral to their due diligence team.
The reverence to the 12 months is the period for KYC on higher risk. Outside of this period the ‘on boarding’ may be required to be Re performed.
I suspect the regional manager on the high value pieces constitutes the reference to senior manager from the money laundering regs required to authorise the sale.
Last edited by joe narvey; 31st August 2021 at 16:13.
Except you could walk into the same AD and buy a £9k Panerai/Blancpain/Zenith with minimal checks as long as you had ID and a credit card. I realise that the residuals mean you'd lose on the deal more often but even so, no, it's not all about money laundering and required checks.
No surprises there. He really needs to sack his hairdresser though.
Yes, that would be an occasional transaction and aligns broadly with column A.
ADs should be following similar procedure for other marques.
Broadly ( not watching the video again) :
-Customer satisfying criteria of occasional transaction
-Client with history but KYC needs refresh
-Client posing higher risk, spending more, etc
If the value were less than Euro10k it would be a different obligation, but may still be policy because of multiple transactions.
So why don't these things happen when you buy non-Rolex watches? My last Panerai cost about the same as a Sub. I just paid by card and shared no personal data.
If organisations are harvesting social media data then by law they have to have active consent from their customers. They can't create databases of good and bad customers, it's illegal.
High Value Dealers should be doing checks above a threshold.
If in the case of the YouTube video it is from a large dealer group it makes sense they operationalise money laundering checks, with bribery and corruption checks ( source of wealth) relationship considerations ( source of funding) and higher value higher risk client checks ( adverse media screening like a politician that stole a countries wealth or mentioned in the Panama papers, etc)
If I was a member of staff you’d make my life much easier if you said it was for a special birthday and you’ve been saving up from your full team job.
Last edited by joe narvey; 31st August 2021 at 16:52.
It’s because we’re on a watch forum that people are reading and overthinking everything to do with Rolex - though the grey market prices have been rising over 3 or 4 years, its especially in the last year where the world isn’t normal. As much as some people are struggling financially, others are rolling in it. People that haven’t been out spending money for a year. All the people who have taken 50k bounce back loans and not used them for what they were meant for. People with money on deposit earning zip. There is an incredible amount of money sloshing around and some of it has gone on high end watches.
I’m sure there’s forums where people are outraged at what some grey market (second hand car dealers to you and me) car dealers are pricing their cars at. Forums where people are slating hotel prices, holiday cottages and camp sites. Food forums where pubs and restaurants have put their prices up.
Rolex dealers are in boom times right now with a supply that is minuscule compared to demand. Lots of other businesses are the same. Things do change though.
I rang up for an air King, they rang back 2 weeks later said they had one and would I like it.
I said yes and went and bought it ,I had a chat to the chap serving me said I was interested in a no date sub and could I register my interest.
3 months later they rang said they had one would I like it,said yes went and bought it.
I never bought a cellini,offered a reach around or bought chocs and flowers.
Lots of bollix talked about ADS in my opinion.
On a wait list for a blro but I fell that may be a long while off
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A wise man once said to me, 'using initialisms impresses nobody and confuses many'.
Actually I just made it up.
The first bit though, social media checks required by law? To buy a flippin' watch??
Does TZUK count as social media?
Nobody asked to see my social media profile when I bought my house? Money laundering?? Sounds like AD BS to me.
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When you bought it did you use a lawyer that checked your ID&V, did you source the deposit from a U.K. defaulted firm and the mortgage from a U.K. regulated firm?
If you overpaid the agreed payment schedule, self-certified your income, sublet and quickly had cash deposits especially rental income in excess of the assessed rental then you should have triggered an investigation which would include Enhance Due Diligence that includes a range of measures include open source searches .
When was this?
Now go back and ask for a Pepsi
I got the sub as they were released in September.
Been a year for the blro with nothing on the horizon
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The punchline of this story is that the desirable models will be first offered to the high value customers who in turn will pass them on to the gray market as they already have those models from the year before and the year before that, to our endless amusement.
In five year's time there will be no Rolex ADs. Anyone wants to bet?
Errr....thanks. I know how house purchases work. Yes, I did use a solicitor. He didn't ask for my social media details either.
aye that claim 'req'd by law', leapt out, surreal.
I guess this is the cue to drop this.
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