AUSTRAC Tranche 2 for Dealers in Precious Metals & Stones (2026)
Blog post from Didit
From July 2026, Australia's "Tranche 2" reforms will incorporate dealers in precious metals and stones into the anti-money laundering and counter-terrorism financing (AML/CTF) regime, aligning them with entities such as banks in terms of obligations like enrolment, customer due diligence, and mandatory transaction reporting. These changes aim to address the high-risk nature of the sector, characterized by the high value, portability, and cash-based nature of transactions involving bullion, diamonds, and other precious items, which make it susceptible to money laundering. Dealers must report cash transactions over AUD 10,000 through a Threshold Transaction Report (TTR) within 10 business days and file a Suspicious Matter Report (SMR) within 3 business days if any suspicious activity is detected, particularly if it's linked to terrorism financing, which shortens the deadline to 24 hours. The introduction of new TTR and SMR forms by AUSTRAC on 1 July 2026 necessitates strong Know Your Customer (KYC) practices at the point of sale to ensure accurate reporting, with the reforms requiring dealers to develop comprehensive AML/CTF programs, verify customer identities, and train staff to recognize red flags.
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