From 1 July 2026, dealers in precious metals, stones and products can be reporting entities when their transactions meet the designated-service conditions and thresholds in the AML/CTF Act.
You may be in scope where you buy or sell precious metals, precious stones or precious products above the relevant thresholds.
Whether your business is a reporting entity depends on the designated services you provide — not on having an ABN or being based in Australia. Check AUSTRAC’s sector guidance, and seek professional advice for your situation.
For authoritative sector guidance, see AUSTRAC’s dealers guidance.
The $10,000 cash line for dealers in precious metals, stones and jewellery: when a sale becomes a designated service, and what has to happen when it does.
The next step is not a generic checklist. The reporting entity needs an AML/CTF program appropriate to its business and risks, and must apply the customer due diligence, training, reporting, review and record-keeping obligations relevant to the services it provides.
People performing functions relevant to your AML/CTF obligations need training appropriate to their role, risks and responsibilities. Lex-AML Academy teaches the core regime and includes sector-specific lessons built around the AUSTRAC material used by your profession.
See the AUSTRAC program starter kitsFoundations — the first 15 lessons on why the regime exists and how it works — is free for every person in your practice, with a module certificate at the end.
All 148 lessons, every assessment, certificates and the training record — AUD $199 + GST per learner for 12 months.
Lex-AML supports compliance workflows and record keeping. It does not provide legal advice, does not guarantee compliance, and does not replace professional judgement or advice from a qualified AML/CTF adviser or legal professional.
Book a demo to see the current Lex-AML preview, discuss your sector workflow and understand how the product is being developed.