Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Act 2024 (the AML/CTF Act) in December 2024.
Put simply, these new laws are designed to ensure Australia’s AML/CTF regime can effectively deter, detect and disrupt crimes such as money laundering and terrorism financing.
Different obligations for different industries come into effect on a staggered basis – the relevant obligations for dealers in precious stones, metals and products will commence on 1 July 2026.
Any business that purchases or sells precious metals, precious stones or precious stones may be regulated if they wish to pay or accept $10,000 or more in cash or virtual assets.
A list of what could constitute a precious metal, precious stone or precious products is available on the Australian Transaction Reports and Analysis Centre (AUSTRAC) website. These obligations may apply to both retailers and suppliers.
If a business chooses not to pay or accept $10,000 or more in cash or virtual assets for a single transaction or several linked transactions, they may not be regulated under the AML/CTF Act.
This includes where a business only engages in other forms of funds transfer - for example, electronic funds transfer or payment by cheque or card.
If a business does pay or accept cash or virtual assets for single or linked transactions of $10,000 or more, they must enroll with AUSTRAC and are subject to a range of obligations.
These obligations include customer due diligence, the need to maintain an AML/CTF program and keep records and certain reporting requirements.
Enrolment with AUSTRAC for relevant businesses is expected to open on 31 March 2026. Jeweller previously detailed a consultation paper released by Australia’s Attorney General’s Department related to this matter.
For more information, visit the AUSTRAC website for a detailed explanation of the new obligations regulations and how they may impact your business. You can also subscribe to receive information directly from AUSTRAC.
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