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Course Your sector Dealers in precious stones and metals

AML/CTF staff training for dealers in precious stones and metals.

Dealers in precious stones, metals and products are regulated from 1 July 2026 when buying or selling for $10,000 or more in cash or virtual assets. Counter staff need to spot structuring and third-party buyers, and the owner or manager needs the senior manager track.

Sources for this answer
  • AUSTRAC says businesses that provide the newly regulated services "will be regulated by us from 1 July 2026". [S36]
  • AUSTRAC: the new dealer services cover buying or selling precious metals, stones and products "for $10,000 or more in physical currency" (cash, in Australian or foreign currency) "or virtual assets". [S10]
  • AUSTRAC’s example of a reason to submit an SMR: a customer who "tries to structure their payments in amounts under $10,000" to avoid threshold transaction reporting. [S11]

What triggers the duty?

AUSTRAC says the new services cover buying or selling precious metals, stones and products for $10,000 or more in physical currency or virtual assets. Cash can be Australian or foreign.

Facts and sources for this part
  • AUSTRAC: the new dealer services cover buying or selling precious metals, stones and products "for $10,000 or more in physical currency" (cash, in Australian or foreign currency) "or virtual assets". [S10]
  • AUSTRAC: "The $10,000 threshold applies to foreign currency of the same value." [S13]

What does AUSTRAC list as dealer red flags?

  • Cash used to buy precious stones, metals or other precious products.
  • A third party included in the transaction.
  • A customer who seeks unusual anonymity.
  • Quick resales of products to the dealer.
  • Payments split to stay under $10,000.
Facts and sources for this part
  • AUSTRAC dealer red flags: a customer who "uses cash to buy precious stones, metals or other precious products", "uses or includes a third party in transactions" or "quickly sells products or re-sells to the dealer". [S40]
  • AUSTRAC dealer red flag: a customer who "seeks anonymity to a high or unusual degree". [S40]
  • AUSTRAC’s example of a reason to submit an SMR: a customer who "tries to structure their payments in amounts under $10,000" to avoid threshold transaction reporting. [S11]

Cash reports

If you provide a designated service involving $10,000 or more in physical currency, you must submit a threshold transaction report. Counter staff need to know who does it in your business.

Facts and sources for this part
  • AUSTRAC: "If you provide a designated service involving the transfer of $10,000 or more in physical currency, you must submit a TTR to us." [S13]

Which lessons fit?

Counter staff: the duty, red flags, suspicious matter reports and cash reports. Owners add the program lesson.

  1. Lesson 1The training duty, and what it means for you3 min
  2. Lesson 3Red flags in your sector3 min
  3. Lesson 4Suspicious matter reports and tipping off3 min
  4. Lesson 5Record keeping and cash reports2 min
Facts and sources for this part
  • AUSTRAC: "All personnel in customer-facing roles need an awareness of indicators of suspicious activity and your reporting procedures." [S1]