Compliance for Precious metals & stones dealers
Dealers in gold, silver, platinum, and precious stones for transactions involving $10,000+ in physical currency.
Published obligations that apply to precious metals & stones dealers (2)
- criticalCWLTHEnrol with AUSTRAC as a reporting entity
Tranche 2 entities must enrol with AUSTRAC within 28 days of first providing a designated service (29 July 2026 for services from 1 July 2026).
- criticalCWLTHMaintain a written AML/CTF program
Every reporting entity needs a documented AML/CTF program — an ML/TF risk assessment plus AML/CTF policies.
Applicability answers for precious metals & stones dealers
- Do jewellers need to enrol with AUSTRAC?
- Do precious metals and stones dealers need to enrol with AUSTRAC as a reporting entity?
- Do precious metals and stones dealers need to maintain a written AML/CTF program?
- Does Customer due diligence (KYC) on every customer apply to precious metals and stones dealers?
- Does Suspicious matter, threshold, and IFTI reporting to AUSTRAC apply to precious metals and stones dealers?
- Do precious metals and stones dealers need to designate an AML/CTF Compliance Officer?
- Do precious metals and stones dealers need to detect + enhance due diligence on Domestic + Foreign PEPs?
- Does Independent review of AML/CTF program apply to precious metals and stones dealers?