Dealers in precious metals, stones and products are captured by the AML/CTF Tranche 2 reforms when they buy or sell in the course of business and the payment is made in cash or virtual assets of $10,000 or more (including linked transactions). Sales paid only by card or bank transfer are not caught. From 1 July 2026, such dealers are reporting entities.
Cash transactions of $10,000 or more also trigger a threshold transaction report (TTR) to AUSTRAC. If you regularly handle high-value cash or virtual-asset sales, customer identification and record-keeping become legal obligations rather than good practice.
Designated services for precious metals & stones dealers
If you provide any of these, you're likely a reporting entity:
- 1Buying or selling precious metals, stones or products with cash or virtual-asset payment of $10,000 or more
- 2Accepting cash of $10,000 or more for such items (also triggers a threshold transaction report)
- 3A series of linked transactions that together reach the $10,000 cash/virtual-asset threshold
What you'll need to do
- 1Enrol with AUSTRAC by 29 July 2026 (enrolment opened 31 March 2026)
- 2Appoint an AML/CTF Compliance Officer (notify AUSTRAC by 29 July 2026)
- 3Complete a money-laundering / terrorism-financing risk assessment
- 4Develop and maintain an AML/CTF program
- 5Carry out customer due diligence (KYC) and verify beneficial owners
- 6Monitor transactions and report suspicious matters, large cash transactions and international transfers
- 7Keep records for seven years and train your staff
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