Dealers in precious metals and related products
Dealers in gold, silver, platinum and other precious metals are captured under Tranche 2 reforms.
AML/CTF Amendment Act 2024 — Designated Non-Financial Businesses
AML/CTF Obligations
Enrol with AUSTRAC and implement a full AML/CTF program
Conduct CDD on customers making cash transactions at or above $10,000 AUD
Lodge TTR reports within 10 business days of a cash transaction at or above $10,000 AUD
Lodge SMR reports within 3 business days of forming a suspicion
Maintain all CDD and transaction records
Conduct a risk assessment and implement proportionate controls
Precious metal dealers must lodge TTR reports within 10 business days of a cash transaction at or above $10,000 AUD. SMR reports must be lodged within 3 business days of forming a suspicion about a transaction or customer.
Typical Customer Risk Profiles
Cash buyers near or just below the $10,000 threshold — a customer who regularly buys $9,500 in gold is displaying classic structuring behaviour. The pattern matters, not just the individual transaction.
First-time buyers making large purchases — a customer with no prior relationship who arrives wanting to buy a large quantity of gold, particularly in cash, is a high-risk profile.
Buyers from high-risk jurisdictions with no verifiable local address — foreign nationals purchasing significant quantities of precious metals without an Australian financial footprint require EDD.
Sellers with unverifiable provenance — customers wanting to sell gold or silver who cannot document where it came from may be selling proceeds of theft or illicit sourcing.
Recommended Compliance Pack
Precious Metals Pack
Pre-configured for Dealers in precious metals and related products — KYC rules, risk thresholds, AUSTRAC report templates, CDD workflows, and monitoring rules aligned to your obligations. Ready from day one.
View pack detailsWhat's included
System default — customisableCustomer onboarding and KYC workflows calibrated for precious metal transaction thresholds
TTR report templates pre-populated from transaction records with AUSTRAC validation
Structuring detection alerts for customers making multiple transactions below TTR thresholds
PEP and sanctions screening integrated into the point-of-sale customer identification workflow
AML/CTF program template for precious metal dealers with transaction risk assessment and training log
Example workflow
Default — you can modify stepsCustomer approaches for purchase
Sale above $10,000 in cash? KYC triggered at the point of sale. Digital ID check sent to customer.
Identity verified
Photo ID captured and verified. Sanctions screening runs automatically.
Source of funds documented
Customer provides documentation of where the cash originated. Stored securely against the transaction.
TTR generated
Cash transaction at or above $10,000? TTR auto-populated from transaction data. Queued for review.
Structuring check
Customer's transaction history reviewed. Pattern of purchases just below $10,000? Alert raised for MLRO review.
TTR submitted or SMR filed
TTR submitted to AUSTRAC within 10 days. Suspicious pattern? SMR prepared and filed within 3 days.
Pricing Recommendation
Recommended
Essential
Precious metal dealers primarily need TTR generation, KYC at point of sale, and structuring detection. The Essential plan covers these core obligations. Upgrade to Professional for higher-volume operations or multi-location dealers.
View full pricingReady to get compliant as a Precious Metals?
Your Precious Metals Pack is configured on day one. 7-day free trial — no credit card, no consultants, no configuration sprints.