Anti-Money Laundering 101: What Do Australian Dealers in Precious Metals and Stones Need to Know About the AML/CTF Amendment Act 2024 and How Can They Start to Prepare to Comply?
Is Your Business Ready for the New AML/CTF Regulations?
The AML/CTF Amendment Act 2024 brings dealers in precious metals and stones into Australia’s anti-money laundering (AML) and counter-terrorism financing (CTF) regime, recognising the industry as high-risk for financial crime. From 1 July 2026, businesses in this sector will need to comply with new reporting, due diligence, and record-keeping obligations.
This white paper outlines everything dealers need to know about the regulatory changes and provides a step-by-step approach to achieving compliance.
What’s Inside?
Key changes under the AML/CTF Amendment Act 2024 – What’s new and how it affects your business.
New compliance obligations – Customer due diligence, suspicious transaction reporting, and record-keeping requirements.
How to prepare for compliance – Developing an AML/CTF program, staff training, and conducting risk assessments.
Best practices for ongoing compliance – Strengthening monitoring processes, understanding red flags, and engaging with regulatory bodies.
Why This Matters
The precious metals and stones sector has been identified as a high-risk industry for money laundering, making compliance essential to avoid regulatory penalties, reputational damage, and legal consequences. This white paper provides a clear roadmap to help businesses navigate their new obligations and implement an effective AML framework.
