Industry guide
Bullion Dealers
Precious metals dealers — buying or selling investment-grade bullion — are designated service providers under AUSTRAC Tranche 2 from 1 July 2026.
Key obligations
Enrol with AUSTRAC
All bullion dealers must enrol regardless of size.
KYC every customer
Verify identity for every transaction, not just transactions above a threshold.
TTRs on cash $10,000+
Lodge a Threshold Transaction Report for any cash dealing of $10,000 or more.
Adopt an AML/CTF program
Document risk assessment, CDD, ongoing monitoring, training and SMR procedures.
7-year record-keeping
Retain transaction records, KYC evidence and reports for at least 7 years.
Common pitfalls
Treating bullion like jewellery
Investment-grade bullion is treated more strictly than ornamental precious metals.
Splitting transactions
Structuring a single deal into amounts under $10,000 to avoid TTRs is itself a serious offence.
Online sales without identity checks
Remote selling does not remove the need for KYC.
Frequently asked questions
What is investment-grade bullion?
Generally, gold of 99.5% purity or silver/platinum of 99.9% purity in tradeable form (bars, coins). Lower-purity products may not be in scope.
Are coin collectors caught?
Numismatic coins traded for collectability rather than metal value are usually outside the bullion dealer regime, but check the specific product.
Not sure where you stand?
Take our free 3-minute Tranche 2 readiness quiz to get a personalised risk score and next-step roadmap for your business.