![\"precious-metals-dealers-in-Australia-1\"](\"https://namescan.io/insights/wp-content/uploads/2025/09/AML-Compliance-for-the-Precious-Metals-Dealers-in-Australia-2.png\")
AUSTRAC and regulators classify precious metals dealers in Australia as high money‑laundering risk due to high‑value, portable assets often traded in cash or virtual assets. Criminals have been exploiting this industry via trade‑based laundering, false invoices, smuggling, and refined concealment of illicit gold.
\nThese reforms aim to close longstanding regulatory gaps in gatekeeper professions and other Tranche 2 sectors identified by FATF as vulnerable to money laundering. The government has allocated substantial funding to AUSTRAC and agencies to support implementation and enforcement, including public sector consultations and sector‑specific guidance. The precious metals and stones dealers are now clearly identified as high-risk, and from mid‑2026 will be required to operate under Australia’s enhanced AML/CTF regime.
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Dealers in precious metals and stones must enrol with AUSTRAC by 31 March 2026 and achieve full compliance by 1 July 2026.
\nAny dealer providing:
\nSuch activities make the dealer a regulated reporting entity under the AML/CTF Act.
\nCriminals exploit the sector via:
\nAUSTRAC highlights red flags including:
\nDealers must establish and maintain:
\nAs Australia tightens its financial crime controls, the precious metals and stones sector can no longer remain a blind spot. The value, portability, and liquidity of these assets make them an attractive vehicle for money laundering, and the regulatory shift reflects this reality.
\nBy preparing early, implementing tailored risk assessments, customer due diligence, and enhanced monitoring, dealers can avoid disruption, safeguard their reputation, and help close one of the most exploited gaps in Australia’s financial ecosystem. The gold standard is no longer just about the asset itself; it’s now about the integrity of how it’s traded.
\nNameScan helps businesses of all sizes – from small firms and mid-tier practices to large enterprises – navigate the complexities of Tranche 2 compliance with ease. Our flexible screening and verification solutions help entities meet the unique needs of each organisation, ensuring they can identify risks, and remain compliant without unnecessary overheads. Our Pay-As-You-Go (PAYG) model allows businesses to access powerful compliance tools without committing to long-term contracts or large upfront costs.
\nTranche 2 refers to the long-anticipated reforms to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime. It extends obligations to ‘Designated Non-Financial Businesses and Professions’ (DNFBPs), such as lawyers, accountants, real estate agents, trust and company service providers, and dealers in precious metals and stones.
\nAustralia has been under pressure from the Financial Action Task Force (FATF) to bring DNFBPs into the AML/CTF regime, as these sectors are often exploited by criminals to launder money and finance terrorism. Tranche 2 aims to close regulatory gaps and strengthen Australia’s defences against financial crime.
\nLawyers, conveyancers, accountants, real estate agents, trust and company service providers, and dealers in precious metals and stones will need to comply with AML/CTF obligations such as customer due diligence, record-keeping, reporting, and risk assessments.
\nObligations are expected to include customer due diligence (CDD), ongoing monitoring, suspicious matter reporting, record-keeping, and establishing an AML/CTF compliance program tailored to the business’s risk exposure.
\nBusinesses should start assessing their risk exposure, reviewing customer onboarding processes, and exploring AML/CTF solutions for due diligence and ongoing monitoring. Early preparation will make the transition smoother once the reforms take effect.
\n","protected":false},"excerpt":{"rendered":"AUSTRAC and regulators classify precious metals dealers in Australia as high money‑laundering risk due to high‑value, portable assets often traded in cash or virtual assets. Criminals have been exploiting this industry via trade‑based laundering, false invoices, smuggling, and refined concealment of illicit gold. The AML/CTF Amendment Act 2024 and Tranche 2 Reforms These reforms aim […]
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