Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 3 Regulating additional high-risk services

Part 2 Dealers in precious metals and stones

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

6 Subsection 6(3)

Repeal the subsection, substitute:

Table 2 - Bullion and precious metals, stones and products

(3) Table 2 is as follows:

Table 2 - Bullion and precious metals, stones and products
Item	Provision of a designated service	Customer of the designated service
1	buying or selling bullion, where the buying or selling is in the course of carrying on a bullion-dealing business	the buyer or the seller (as the case may be)
2	buying or selling one or more of the following items in the course of carrying on a business, where the purchase involves the transfer of physical currency or virtual assets (or a combination of physical currency and virtual assets) with a total value of not less than $10,000, whether the purchase is made in a single transaction or in several transactions that are linked or appear to be linked: (a) precious metal; (b) precious stones; (c) precious products; (d) any combination of any 2 or more of the items referred to in paragraphs (a) to (c)	the buyer or the seller (as the case may be)

Table 2 - Bullion and precious metals, stones and products

Item

Provision of a designated service

Customer of the designated service

buying or selling bullion, where the buying or selling is in the course of carrying on a bullion-dealing business

the buyer or the seller (as the case may be)

buying or selling one or more of the following items in the course of carrying on a business, where the purchase involves the transfer of physical currency or virtual assets (or a combination of physical currency and virtual assets) with a total value of not less than $10,000, whether the purchase is made in a single transaction or in several transactions that are linked or appear to be linked:

(a) precious metal;

(b) precious stones;

(d) any combination of any 2 or more of the items referred to in paragraphs (a) to (c)

the buyer or the seller (as the case may be)

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