Jewellers face AML reporting obligations on some $10,000 sales

This article was originally published by Celene Ignacio for Retailbiz (30 July 2026)

Jewellers and dealers in precious metals, stones and products may be required to comply with Australia’s anti-money laundering laws when certain transactions reach $10,000, with the trigger depending on the payment method rather than simply the value of the item, according to Bartier Perry Partner, Rebecca Hegarty.

In commentary following the expansion of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 to Tranche 2 entities from July 1, 2026, Bartier Perry partner Rebecca Hegarty said many retailers may incorrectly assume only high-value sales are captured by the legislation.

Under the reforms, jewellers and dealers provide a designated service when they buy or sell precious metals, precious stones or precious products where the purchase involves physical currency, virtual assets, or a combination of both, totalling at least $10,000.

Importantly, the reporting threshold is based on how the customer pays, not simply the retail price of the item.

For example, a $12,000 ring purchased entirely with cash would trigger obligations under the legislation. The same applies where a customer pays $15,000 for an item through multiple linked cash payments, such as returning the following day to pay the balance or making several cash instalments through a lay-by arrangement.

Hegarty said retailers should also be alert to linked transactions, where customers split payments to remain below the $10,000 threshold.

Transactions involving the same customer, similar products or payments made over a short period may be considered linked and could also trigger obligations to lodge a suspicious matter report with AUSTRAC if the behaviour appears intended to avoid reporting requirements.

The reforms apply to businesses dealing in precious metals such as gold, silver and platinum, precious stones including diamonds, pearls and opals, and precious products such as jewellery, watches and other items containing precious metals or gemstones.

Retailers should also consider whether they provide other designated services, such as loans or bullion sales, which may create additional obligations under the legislation.

Businesses providing designated services from July 1, 2026 were required to register with AUSTRAC by July 29, 2026.