AUSTRAC Tranche 2 AML/CTF Obligations (2026)
Under Tranche 2 reforms, jewellers and precious metal dealers who buy or sell high‑value goods are now captured under the AML/CTF Act. This page explains exactly what you must do to comply.
Learn more in the AML/CTF Guide.
You are captured if you provide any **designated service**, including:
Buying or selling precious metals (gold, silver, platinum)
Buying or selling precious stones (diamonds, gemstones)
Trading high‑value jewellery items
Handling large cash transactions
Dealing with overseas or high‑risk clients
Acting as an intermediary in high‑value trades
If you perform any of these activities, you must comply with the AML/CTF Act — even if you are a small or family‑run jewellery business.
You must maintain a written AML/CTF Programme outlining governance, risk assessment, controls, and CDD procedures.
You must assess the money laundering and terrorism financing risks associated with your clients, goods, and transactions.
You must verify client identity, understand the purpose of the transaction, and apply enhanced due diligence for high‑risk clients.
You must report suspicious matters to AUSTRAC within 3 business days (or 24 hours for terrorism‑related matters).
You must keep AML/CTF records, CDD evidence, and SMR logs for at least 7 years.
You must monitor client activity, update risk assessments, and review your AML/CTF Programme annually.
See full requirements in the AML/CTF Guide.
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