AUSTRAC Enrolment for Precious Metals and Stones Dealers
Tranche 2 commenced 1 July 2026. If your precious metals or stones business hasn't enrolled with AUSTRAC yet, here's how to fix that now.
Tranche 2 of the AML/CTF Act 2006 commenced on 1 July 2026, and dealers in precious metals and precious stones (DPMS) providing a designated service must be enrolled with AUSTRAC. If your business hasn't enrolled yet, you're currently operating unregistered — a contravention that needs fixing now, not on your own timeline.
Which precious metals and stones businesses must enrol?
Enrolment applies to any business that buys, sells, or exchanges precious metals or precious stones as part of its ordinary trade: - Jewellers buying or selling gold, silver, platinum, or gemstones - Bullion dealers and gold traders - Pawnbrokers dealing in jewellery or precious metals - Antique dealers who regularly trade items containing precious metals or stones - Auction houses selling bullion, jewellery, or gemstones Business size is irrelevant — sole traders are captured on exactly the same basis as large retailers.
What does AUSTRAC enrolment involve?
Enrolment is a one-off registration through AUSTRAC Online that takes under an hour. You'll need your ABN, a list of the designated services you provide, and your principal officer's details. Confirmation typically arrives by email within a few business days. Enrolment alone isn't the finish line — it must sit alongside a written AML/CTF programme and working customer due diligence (CDD) procedures.
What happens if a dealer still hasn't enrolled?
Providing a designated service without AUSTRAC enrolment is a civil penalty offence under the AML/CTF Act 2006, with penalties reaching into the millions of dollars per contravention for a corporate entity. AUSTRAC has flagged precious metals and stones as high-risk, and unregistered operators are a natural enforcement priority now that Tranche 2 has taken effect.
How can AMLify help a dealer catch up quickly?
AMLify for precious metals and stones dealers gets late-starting DPMS businesses compliant fast — walking you through AUSTRAC enrolment, generating a calibrated ML/TF risk assessment, and building your AML/CTF programme and CDD workflows in one guided setup. Most dealers are operational within a day.
Key Takeaways
- Tranche 2 has commenced — DPMS businesses providing a designated service without AUSTRAC enrolment are currently in contravention of the AML/CTF Act 2006
- Enrolment covers a broad range of businesses — jewellers, bullion dealers, pawnbrokers, antique dealers, and auction houses, regardless of size
- Enrolment alone isn't enough — a written AML/CTF programme, risk assessment, and operational CDD procedures must also be in place
- Penalties for non-enrolment are severe, and AUSTRAC has signalled the sector as an enforcement priority
- AMLify can get a late-starting dealer enrolled and operational in one guided setup — see pricing
Frequently Asked Questions
Q: Is it too late to enrol with AUSTRAC now that Tranche 2 has commenced?
No. Enrolment is still required and should be completed as soon as possible, even after 1 July 2026. Enrolling late doesn't remove the obligation, and continuing to provide designated services unregistered only compounds the contravention.
Q: Does a small, single-owner jewellery store need to enrol separately from a larger chain?
Yes. Every business entity providing a designated service must enrol with AUSTRAC in its own right — there's no exemption based on size or structure.
Q: What's the difference between AUSTRAC enrolment and having an AML/CTF programme?
Enrolment is administrative registration as a reporting entity. The AML/CTF programme is the substantive document — risk assessment, CDD procedures, reporting processes, and staff training — that governs your obligations day to day. AUSTRAC expects both in place; enrolment without an operating programme won't withstand scrutiny.
Q: Can a dealer be penalised even if no suspicious activity has occurred?
Yes. Failing to enrol with AUSTRAC is itself a civil penalty offence under the AML/CTF Act 2006, independent of whether any suspicious transaction has taken place.
This is general information only and not a substitute for legal advice.