Learn why jewellers may not accept large sums of cash when you purchase jewellery from them.
We regulate some businesses to combat money laundering, terrorism financing and proliferation financing. This includes jewellers if you purchase an item that contains precious metals, stones and products and pay $10,000 or more in cash or virtual assets. This applies if your payments for the item are split over multiple linked transactions, such as layby.
Learn more about what we consider precious metals, stones and products.
Paying cash or electronically
Because of this regulation for cash payments of $10,000 or more, your jeweller might not accept cash over a certain amount, but you can still pay using a debit or credit card. If they do accept cash of $10,000 or more, you’ll need to provide certain personal information before they proceed with this transaction. This is part of their customer due diligence obligations.
What information you may be asked to provide
If you’re paying $10,000 or more in cash or virtual assets, the jeweller needs to collect information to confirm your identity. In most circumstances, just one form of photographic identification (such as your driver’s licence) will be enough if it shows your:
- full name
- residential address
- date of birth.
Digital driver’s licences are also an acceptable form of identification.
Learn more about why you might be asked for ID.
Why you’re asked for this information
Your jeweller asks for this information as part of their anti-money laundering and counter-terrorism financing (AML/CTF) obligations. This helps us to combat financial crimes that enable serious criminal activity, such as:
- child exploitation
- drug and sex trafficking
- scams
- terrorism.
There are consequences for regulated businesses if they don’t verify this information.
Remember, by providing this information you’re helping to keep our financial system free from criminal abuse.
Your privacy
The information you give these businesses protected under the Privacy Act 1988.
Related pages
This guidance sets out how we interpret certain Australian legislation, along with associated Rules and regulations. Australian courts are ultimately responsible for interpreting these laws and determining if any provisions of these laws are contravened.
The examples and scenarios in this guidance are meant to help explain our interpretation of these laws. They’re not exhaustive or meant to cover every possible scenario.
This guidance provides general information and isn't a substitute for legal advice. This guidance avoids legal language wherever possible and it might include generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.