The local jewellery trade is preparing for the significant regulatory change following a recent announcement regarding new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements.
Scheduled for Tuesday, 10th March, 2pm, representatives from the Independent Jewellers Collective, Nationwide Jewellers and Showcase Jewellers will deliver an industry-wide educational webinar, free of charge.
The session will guide businesses through the regulatory framework, practical implications, and decision-making considerations. Nationwide Jewellers managing director Colin Pocklington encouraged all jewellery business owners to participate.
“With AUSTRAC enrolment opening on 31 March 2026, every jewellery business will soon be making one of two important operational decisions,” he told Jeweller.
"Our goal is to ensure the industry has clear, practical guidance so owners can approach these changes with confidence. This is about education, preparedness, and supporting the long-term strength of our sector.”
In late January, the Australian Transaction Reports and Analysis Centre (AUSTRAC) issued a nationwide communication to jewellery businesses titled ‘New financial crime laws coming – access our newly released kits to prepare.’
The message introduced a series of jewellery industry ‘Starter Kits’ and supporting AML/CTF guidance documents designed to help businesses understand their upcoming obligations.
The changes come into effect on 1 July 2026. The legislation will apply to jewellery businesses that buy or sell precious metals and gemstones.
A key decision for retailers and suppliers will be whether to accept or make payments of $10,000 or more in cash or virtual assets, a determination that carries compliance responsibilities.
Nationwide’s Pocklington has been joined by Showcase Jewellers managing director Anthony Enriquez and IJC’s CEO Joshua Zarb at multiple AUSTRAC industry briefings throughout 2025.
"By working together, the three buying groups aim to provide clarity at a critical moment, reinforcing the industry’s proactive approach to compliance while ensuring businesses remain equipped to navigate the evolving regulatory landscape,” Pocklington said.
The groups will make the webinar available to all industry participants via Jeweller, providing access to the information for all business owners, not just buying group members.
View Seminar
In this post-seminar recap, we outline the key takeaways from an essential session on regulatory compliance for jewellery businesses. What’s covered:
• Overview of the latest AML/CTF changes affecting the jewellery industry
• Real-world examples of compliance pitfalls and how to avoid them
• Practical, low-friction measures to strengthen your AML/CTF controls
• How to prepare for ongoing regulatory updates and audits |
Seminar Program
This seminar aims to empower jewellery businesses with knowledge to stay compliant without overwhelming your operations.
1. Introduction and Background of AML/CTF Legislation - Overview of the key laws, their purpose, and relevance to the jewellery industry.
- Why jewellers are affected and common misconceptions.
2. Options for Handling Large Cash Transactions - Short overview of requirements if choosing to accept $10,000+ in cash and register as a reporting entity.
- The 28-day registration period if $10,000 cash is accepted, including implications and penalties for non-compliance.
- Offboarding strategies: Safely redirecting large payments to banks to avoid registration.
3. Risk Awareness and Mitigation - Identifying risks of structured transactions (e.g., breaking payments into smaller amounts to evade thresholds).
- Recognising linked transactions (e.g., multiple related payments that cumulatively exceed limits).
- Practical tips for identifying and handling these scenarios without triggering compliance obligations.
4. Staff Training and Customer Communication - Essential training for your team on AML/CTF basics, red flags, and daily procedures.
- Scripts and best practices for what to say to customers when declining large cash payments or explaining policies.
5. Q&A Session - Live discussion of common questions submitted by retailers and suppliers
- Q&A's will be published in Jeweller post-event
The Full Story |