Bullion dealers, jewellers, and stones traders providing designated services above the relevant cash thresholds become reporting entities under Tranche 2. This page covers what changes for cash-based dealings, online sales, and high-value single-item transactions.
The reform principally captures dealings in precious metals (gold, silver, platinum) and stones (diamond, ruby, sapphire, emerald) where the transaction is conducted in cash above the prescribed threshold. The operational change is customer due diligence triggered by transaction size, KYC at the point of sale for cash transactions, Threshold Transaction Reports to AUSTRAC for cash dealings at or above A$10,000, and Suspicious Matter Reports where patterns (e.g., structuring multiple smaller purchases to avoid the threshold) emerge.
KYC is performed at the point of sale: identification collection + verification. A Threshold Transaction Report is filed with AUSTRAC. The transaction is also a candidate for ongoing monitoring if it deviates from the customer pattern.
Structuring pattern. Each individual transaction is below the threshold, but the aggregate is well above. This is a paradigm SMR trigger, file within 3 business days of forming a suspicion.
Customer due diligence applies even for non-cash transactions where the firm provides a designated service. Enhanced procedures for cross-border or higher-risk geography.
Beneficial-ownership identification applies to the entity client. Document the natural persons who ultimately own or control the buyer entity.
Every dealer providing designated services must enrol. Enrolment opens 31 March 2026; mandatory before 1 July 2026 to continue lawful provision of designated services.
Part A risk assessment + Part B customer identification. The program addresses the cash-heavy character of the trade and the higher-risk dimensions (large single transactions, transient customer base).
Customer identification triggered at the relevant transaction threshold (typically A$10,000 cash). Identification + verification at point of sale. For repeat customers, identification once and ongoing monitoring.
Every physical cash transaction at or above A$10,000 generates a TTR to AUSTRAC. The reporting window is 10 business days.
Multiple sub-threshold transactions, customer behaviour inconsistent with the purchase, or other red flags trigger an SMR. The 3-business-day clock starts on suspicion.
Customer identification records, transaction records, and training records all retained 7 years. Records must remain retrievable for AUSTRAC requests.
Annual compliance report to AUSTRAC covering the calendar year, due 31 March. Nil-activity reports still required.
Wires KYC into the point-of-sale workflow at the threshold (no separate process for cash-heavy days), automates the Threshold Transaction Report generation, flags structuring patterns across the customer history, and prepares the AUSTRAC annual report. Runs inside your tenancy, customer ID and transaction records stay on your infrastructure.
Every claim on this page draws on the AUSTRAC published guidance for Tranche 2 entities, plus the sector-specific commentary listed below.
Twenty-five questions, an inline readiness percentage, and a personalised PDF report mapped to precious metals obligations. Free, no commitment, no demo required.
This assessment provides general information about Tranche 2 obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). It is not legal advice. For your specific obligations, consult an AML/CTF compliance professional.