The deadline for jewellery businesses to register for important new financial reporting regulations is rapidly approaching.

The new anti-money laundering and counter-terrorism financing laws come into effect from 1 July. Any jewellery businesses intending to accept or pay $10,000 or more in cash or virtual assets from 1 July 2026 must register with the Australian Transaction Reports and Analysis Centre (AUSTRAC) by that date.

Jeweller's comprehensive guide to these new regulations is available here. Jewellery businesses have four general options available.

1. Hard Opt Out: Do not accept or pay any cash or virtual assets for jewellery purchases or sales. This option is unlikely to be practical for many businesses. There is no need to enrol with AUSTRAC if choosing this option.

2. Soft Opt Out: Under this option, a business will not accept or pay $10,000 or more in cash or virtual assets. It is recommended, however, that a lower cash threshold be adopted as an in-store policy to reduce the risk of exposure to linked transactions totalling $10,000 or more.

It is recommended that businesses choosing this option adopt a Cash Policy. Businesses choosing this option do not need to enrol with AUSTRAC.

3. Limited Opt In: This option is for businesses that wish to accept $10,000 or more in cash from low to medium-risk customers, using the “Streamlined Process”.

Businesses wishing to use the Streamlined process must enrol with AUSTRAC. Many jewellery businesses are expected to use the Streamlined Process. The process is intended for businesses that may have up to two or three $10,000+ cash transactions per month.

4. Full Opt In: Businesses intending to accept cash and/or virtual assets of $10,000 or more for all customer risk types will need to enrol with AUSTRAC and implement an anti-money laundering compliance program.

In late January, the 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.

Furthermore, AUSTRAC is seeking small business jewellers to participate in a short feedback session about their experiences with the regulator and their preparations to meet obligations under AML/CTF laws.

The sessions will be on Microsoft Teams or by phone and take around 15 to 20 minutes. They will be held until Thursday, 11 June. To have your say and take part, email sdi@austrac.gov.au with the subject “Jeweller Feedback Session – June 2026”.