AML for Australia’s Precious Metals Sector
#Tranche 2 Reforms, #AML/CTF Amendment Act 2024
July 29, 2025
3 Minutes
For Australia's precious metals sector, the forthcoming AML/CTF regulations are about more than just compliance, they are about developing long-term trust with customers, complying with global standards, and protecting their enterprises from being unintentionally co-opted by criminal networks.
Australia's precious metals and stones sector is classified as high money-laundering risk by AUSTRAC and authorities due to their high-value, portable assets that are frequently traded in cash or virtual currency. The sector has historically been exploited through trade-based laundering, fake invoices, smuggling, and sophisticated hiding of illegal gold.
These reforms seek to resolve long-standing regulatory weaknesses in gatekeeper professions and other Tranche 2 sectors recognised by the FATF as prone to money laundering. The government has given significant funds to AUSTRAC and agencies to promote implementation and enforcement, including public sector consultations and sector-specific guidelines. Australia's precious metals and stones sector is considered high-risk and will be subject to Australia's strengthened AML/CTF framework startingmid-2026.
Any dealer will be subject to the new restrictions that state:
Dealers must establish and maintain:
As Australia tightens its financial crime laws, the precious metals and gem stones sector will no longer be a blind spot. The value, portability, and liquidity of these assets make them an appealing vehicle for money laundering, and the regulation shift reflects this fact.
Dealers may minimise interruption, protect their reputation, and assist address one of Australia's most exploited gaps by planning ahead of time, executing specific risk assessments, customer due diligence, and rigorous monitoring.
MemberCheck supports large enterprises in navigating the complexities of Tranche 2 compliance. Our advanced screening and verification solutions are designed to adapt to the unique requirements of each organisation, enabling them to effectively identify risks, meet AML/CTF obligations, and stay ahead of regulatory demands. By providing secure, reliable, and easy-to-integrate tools, MemberCheck empowers businesses to strengthen their compliance frameworks and focus on growth while ensuring they remain protected in an evolving regulatory landscape.
The Tranche 2 Reforms are a set of proposed legislative reforms aiming at broadening the scope of Australia's Anti-Money Laundering and Counter-Terrorism Financing laws to include more businesses and professions.
The Tranche 2 Reforms will affect real estate agents, precious metals dealers, lawyers, trust and company service providers, and accountants.
The Tranche 2 Reforms are required to align with global standards established by the Financial Action Task Force (FATF), which recommends that countries regulate DNFBPs within their AML/CTF frameworks and to strengthen Australia's ability to detect, prevent, and combat money laundering and terrorism financing activities.
Regulated entities must conduct detailed risk assessments, develop and implement strong AML/CTF programs, ensure that employees receive adequate training on AML/CTF obligations and the entity's compliance program, establish systems for reporting suspicious activities and keeping records in accordance with regulatory requirements.
The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024, passed by the Australian Parliament on 29 November 2024, marks a major milestone in Australia’s efforts to combat financial crime.
This legislative reform strengthens the AML/CTF Act 2006 by:
As part of a broader effort to align with international standards set by the Financial Action Task Force (FATF), the AML/CTF regime will now expand...
Australia’s real estate industry is facing a significant regulatory shift. Under the upcoming Tranche 2...