Tranche 2 · Precious metals & stones
AML compliance for dealers in precious metals and stones
Dealers buying or selling precious metals, stones or products (or combinations) at or above the cash/virtual asset threshold are reporting entities. Cash-intensive and high-value transactions require robust CDD and record-keeping without slowing legitimate trade.
Need specialist support? Speak with our in-house team.
Am I captured?
Dealers buying or selling precious metals, stones or products (or combinations) at or above the cash or virtual-asset threshold are reporting entities.
Designated services include:
- Buying or selling precious metals, precious stones or precious products at or above the prescribed cash or virtual-asset threshold
- Combinations of those goods that together meet the threshold
Occasional private sales below the threshold are generally not.
Your obligations
If you provide a designated service, you are a reporting entity. You must enrol with AUSTRAC, run a risk-based AML/CTF program, identify and monitor clients, keep records and report when the law requires it. High-value and cash-intensive trades are exactly why this sector was brought in. Identify the customer before the goods leave, and keep the invoice, ID and any source-of-funds notes with the sale.
AUSTRAC enrolment
Enrol with AUSTRAC and keep the enrolment current — including nominating a Compliance Officer. Enrolment is how AUSTRAC knows you are a reporting entity and how it contacts you.
Risk assessment
Document how your firm could be used for money laundering or terrorism financing — clients, services, delivery channels and geography — and keep that assessment current as the practice changes.
AML/CTF program
Put in writing how the firm will meet its AML/CTF duties: who does what, how clients are identified, how higher-risk work is handled, how staff are trained and how you will check the program still works.
Customer due diligence
Identify the client (and beneficial owners where relevant), verify that identity, screen for PEPs, sanctions and adverse media, and apply extra checks when risk is higher. Repeat when circumstances change.
Reporting
Submit suspicious matter reports to AUSTRAC when you form a suspicion, and any other reports that apply to your services. Do not tip the client off that a report has been made or is being considered.
Record-keeping
Keep the program, risk assessment, identification records and transaction records for at least seven years so you can show AUSTRAC what you did and why.
This is a plain-English guide, not a determination of your status. If unsure, use the Am I in scope? guide or speak with us.
How Trancher helps
Support customer identification, screening and source-of-funds records around high-value transactions, with the invoice, ID and compliance evidence kept together for an audit-ready trail.
Risk assessment and AUSTRAC-aligned program builder
Client verification (KYC/KYB) with PEPs, sanctions and adverse media screening
Ongoing monitoring and risk scoring
Reporting support (SMRs)
Staff training modules
Audit-ready records and dashboard
Three clear paths
Choose the level of support that works for your business — manage compliance yourself, add expert support when you need it, or have agreed activities managed for you.
Path 1
Self-managed
Run your AML program through Trancher using clear workflows and built-in guidance.
From $9.99 per week.
Path 2
Self-managed + expert support
Use the platform day to day and bring in our compliance specialists when you need help with set-up, risk assessment, program development, onboarding, training or first files.
Path 3
Fully managed by our experts
Ask our experienced compliance specialists to manage agreed AML compliance activities on your business’s behalf.
Need specialist support? Speak with our in-house team.
How long does it take?
Most firms move from start to operational compliance within weeks.
Days 1–7
Enrolment and risk assessment underway
Days 8–21
Workflows live and team trained
Thereafter
Fully operational and audit-ready
Guides and articles for precious metals and stones dealers
Questions from precious metals and stones dealers
Am I captured?
Dealers buying or selling precious metals, stones or products (or combinations) at or above the cash or virtual-asset threshold are reporting entities. Occasional private sales below the threshold are generally not.
What are the deadlines?
[Answer needed — Tranche 2 commencement and enrolment timing]
What goes in the program?
[Answer needed — program content for a dealer]
What does CDD look like in practice?
[Answer needed — CDD in practice for precious metals and stones dealers]
How is KYC/KYB charged?
Every verification check triggers one transaction. If you are identifying individuals within an entity (for example directors, beneficial owners or authorised persons), each individual check is a separate transaction and is charged accordingly.
Ready to simplify compliance?
Book a short overview or speak with our in-house specialists about the right path for your firm.