Dealers in precious metals and precious stones are captured by the AML/CTF Tranche 2 reforms when they buy or sell bullion, metals, stones or jewellery in transactions of $10,000 or more (including linked transactions). From 1 July 2026, such dealers are reporting entities.
Cash transactions of $10,000 or more also trigger threshold transaction reporting (TTR) to AUSTRAC. If you regularly handle high-value or cash 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 bullion, precious metals, stones or jewellery in transactions of $10,000 or more
- 2Accepting cash payments of $10,000 or more (triggers threshold transaction reporting)
- 3A series of linked transactions that together reach the $10,000 threshold
What you'll need to do
- 1Enrol with AUSTRAC (enrolment opened 31 March 2026)
- 2Appoint an AML/CTF Compliance Officer
- 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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Check your exact obligations
Answer 3 quick questions for a personalised result and downloadable checklist.
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