New AMLify Features for Precious Metals Dealers

AMLify has released a suite of compliance tools purpose-built for Australian dealers in precious stones and metals — a sector newly captured under the Tranche 2 reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. With 67 days until the 1 July 2026 deadline, these features give dealers everything they need to enrol with AUSTRAC, build an AML/CTF programme, and maintain ongoing compliance from day one.

Why are precious metals and stones dealers in AUSTRAC's sights?

Precious metals and gemstones are among the assets most vulnerable to money laundering. They are portable, high-value, globally liquid, and difficult to trace once resold or refined. AUSTRAC has long classified this sector as high-risk, and the Tranche 2 reforms formalise that assessment by bringing dealers in precious metals — gold, silver, platinum, and palladium — and precious stones, including diamonds, rubies, sapphires, and emeralds, within the scope of Australia's AML/CTF regime.

If your business buys or sells precious metals, precious stones, or jewellery containing them above prescribed thresholds, you are likely a reporting entity from 1 July 2026. That means mandatory enrolment with AUSTRAC, a written AML/CTF programme, customer due diligence (CDD), and the filing of suspicious matter reports (SMRs) and threshold transaction reports (TTRs) where required.

What new AMLify features have been released for this sector?

AMLify has built a complete compliance workflow that reflects the transaction patterns, risk profile, and regulatory obligations unique to this industry. Here is what is now available:

1. Pre-built AML/CTF programme template. A sector-specific template pre-populated with risk factors relevant to dealers — including geographic sourcing risk, cash-intensive transactions, and exposure to politically exposed persons (PEPs) purchasing high-value items. It satisfies AUSTRAC's Part A and Part B programme requirements and can be tailored to your business in under an hour.

2. High-value transaction monitoring dashboard. A real-time dashboard that flags transactions approaching or exceeding the $10,000 cash reporting threshold, as well as structured transactions that may indicate deliberate smurfing. Rules are tunable to your transaction volumes and average sale values.

3. Automated threshold transaction reporting (TTR). When a cash transaction meets the reporting threshold, AMLify generates a pre-filled TTR and guides submission via AUSTRAC Online — reducing manual effort and the risk of missed or late reports.

4. Customer onboarding flows for walk-in and account clients. Two onboarding pathways: a streamlined quick-flow for walk-in customers purchasing above your CDD trigger threshold, and a full KYC flow for account clients and high-risk transactions. Both link directly to your customer records.

5. Enhanced due diligence (EDD) triggers. Automatic EDD prompts for transactions above configurable thresholds, customers identified as PEPs or their associates, and customers from FATF high-risk jurisdictions. Built-in EDD checklists guide staff through exactly what additional information to collect.

6. Suspicious matter report (SMR) wizard. A guided wizard that walks frontline staff through the reporting process step by step — selecting the correct AUSTRAC indicator codes, documenting grounds for suspicion, and submitting within required timeframes.

7. Staff training module. A purpose-built e-learning module covering AML/CTF obligations for precious metals and stones dealers, including sector-specific red flags such as structured cash purchases and third-party payments. Completion records are stored automatically for audit readiness.

How does the customer onboarding flow handle walk-in customers?

One of the practical challenges for dealers — particularly in retail jewellery and bullion — is conducting CDD on customers who walk in expecting a quick transaction. AMLify's walk-in flow is designed to minimise friction while meeting your obligations under the AML/CTF Act 2006.

For a transaction above your CDD threshold, staff are prompted in-app to collect the customer's full name, date of birth, and one form of government-issued photo identification. The app stores a secure, timestamped record and the entire process takes under two minutes at the counter — compatible with tablet or desktop.

For returning customers, AMLify recognises prior CDD records and only prompts for re-verification if the customer's last transaction was more than 24 months ago or if their risk rating has changed — avoiding unnecessary friction for regular clients while keeping your records current.

How does AMLify handle suspicious activity in a retail environment?

Frontline staff in precious metals and stones retail are often the first — and only — line of defence against money laundering, but they are rarely compliance experts. AMLify's SMR wizard is built for exactly this scenario.

When a staff member observes something unusual — a customer paying large amounts of cash, declining to provide identification, making several purchases just below the reporting threshold, or paying for goods on behalf of a third party — they can open the SMR wizard directly from the transaction screen. Plain-English prompts map their observations to AUSTRAC's indicator codes and produce a draft SMR for manager review before submission.

All SMRs are stored in a searchable audit trail, giving your compliance officer full visibility across flagged transactions and the ability to identify patterns across locations or time periods that might not be visible at the individual transaction level.

How quickly can a dealer get fully set up on AMLify?

Most dealers can complete initial setup — including AUSTRAC enrolment support, programme configuration, and staff training — in three to five business days. The process follows four steps:

1. Enrol with AUSTRAC. AMLify guides you through the AUSTRAC Online enrolment process and helps you identify which designated services your business is providing under the AML/CTF Act 2006.

2. Customise your AML/CTF programme. Use the sector-specific template as your foundation, then adjust risk ratings, customer risk categories, and policies to reflect your specific business model and product mix.

3. Configure transaction monitoring rules. Set your CDD trigger thresholds, EDD triggers, and TTR notification levels based on your typical transaction values and customer base.

4. Train your staff. Assign the dealer-specific training module to all relevant staff and record completions before your go-live date, ensuring you have a defensible audit trail from the start.

With 67 days until the 1 July 2026 deadline, there is still time to get compliant — but the window is narrowing fast. Explore our full feature set at /features or see how AMLify supports the precious metals and stones sector at /industries/dealers-precious-metals.

Key Takeaways

• Dealers in precious metals and stones become reporting entities under the AML/CTF Act 2006 from 1 July 2026, with 67 days remaining to meet their obligations as of today.

• AMLify has released seven sector-specific compliance features, including a programme template, high-value transaction monitoring, automated TTRs, EDD triggers, and an SMR wizard.

• Walk-in customer onboarding is handled in under two minutes via a streamlined CDD flow designed for frontline retail staff with no compliance background.

• Built-in staff training delivers a sector-specific e-learning module with automatic completion records, ensuring audit readiness from day one.

• Most dealers can be fully set up in three to five business days, making pre-deadline compliance achievable well within the remaining window.

Frequently Asked Questions

Q: Are all jewellery retailers required to comply with Tranche 2?

Not all jewellery retailers will automatically be reporting entities under Tranche 2. Whether your business is captured depends on whether it provides a 'designated service' as defined under the AML/CTF Act 2006. Generally, dealers who buy or sell precious metals, precious stones, or jewellery containing them above prescribed thresholds will be in scope. If you are unsure whether your specific business activities bring you within the regime, seek legal advice tailored to your circumstances.

Q: What counts as a 'precious metal' under Australia's AML/CTF regime?

Under the AML/CTF Act 2006 and AUSTRAC guidance, precious metals typically include gold, silver, platinum, and palladium in any form — bullion, coins, refined products, or alloys where a precious metal is the primary component. The definition is deliberately broad. Dealers who trade in these materials, or in jewellery and precious stones alongside them, should carefully assess whether their activities bring them within scope before 1 July 2026.

Q: What happens if a precious metals dealer misses the 1 July 2026 deadline?

Failure to enrol with AUSTRAC, implement an AML/CTF programme, or meet reporting obligations by the deadline can result in significant civil penalties under the AML/CTF Act 2006. AUSTRAC has demonstrated a consistent willingness to pursue enforcement action across a range of sectors and business sizes. Penalties for serious or ongoing non-compliance can reach into the millions of dollars, and reputational damage from public enforcement action can be equally costly.

Q: Does AMLify integrate directly with AUSTRAC Online?

AMLify is designed to streamline the preparation and submission of threshold transaction reports (TTRs) and suspicious matter reports (SMRs) through AUSTRAC Online. The platform generates correctly formatted reports and guides users through each step of the submission process, significantly reducing the manual workload on compliance staff. For the latest details on current integration capabilities, visit /features.

Q: Can AMLify support a precious metals dealer with multiple retail locations?

Yes. AMLify supports multi-location businesses, consolidating transaction monitoring, staff training records, and SMR activity into a single compliance dashboard. Your compliance officer or responsible officer gets a unified view across all sites and can identify cross-location patterns, while each location's frontline staff see only the workflows relevant to their own transactions.

This is general information only and not a substitute for legal advice.