October 23, 2003
USA Patriot Act Workshop Scheduled
The Jewelers Vigilance Committee, the Jewelers Board of Trade and the Manufacturing Jewelers & Suppliers of America will present a workshop on the USA Patriot Act on Nov. 12, 9:30 a.m.-12:30 p.m., at the Fashion Institute of Technology, New York City. The Patriot Act, when finalized, will require businesses in the jewelry industry to institute anti-money laundering programs to detect and prevent exploitation by those with criminal intent.
The workshop will help those in the jewelry industry understand what is expected and how to comply. Final Patriot Act rulings are scheduled to be published by the U.S. Treasury Department by the end of the year, after which there will be a period of three to six months for companies to come into compliance.
Featured panelists are Cecilia L. Gardner, executive director and general counsel, JVC; Anna Martin, senior vice president, ABN Amro Bank; and Dione D. Kenyon, president, JBT. At the workshop, a prototype of JVC's "USA Patriot Act Compliance Kit" will be available for review. The kit will not be available for purchase until after the rules are final. A form to reserve a compliance kit will be provided to all guests.
"JVC's low-cost kit will include a written template for a compliance program, employee training program, questions and answers, tips for risk assessment and other pertinent information. In addition, JVC will offer specialized services pertaining to how to administer the PATRIOT Act., such as advisory service and independent testing (review service)," says Gardner.
Industry awareness of the Patriot Act and the actions needed to comply with its rules motivated the three industry associations to present the workshop. "JBT is pleased to collaborate with JVC and MJSA to build industry awareness of the implications and legal obligations anticipated under the Patriot Act, and provide resources available to support compliance. JBT helps its members obtain and report credit information, which makes us an important resource when identifying and verifying customers and prospects," says JBT's Kenyon.
The Patriot Act, designed to detect and prevent money laundering that supports terrorist actions, helps the U.S. monitor possible illegal activities. "The events of Sept. 11 have caused us to re-evaluate how we do business. MJSA supports our industry's response to new regulatory rules initiated by the U.S. government," says James F. Marquart, president/CEO of MJSA. "As a member of the group that participated in discussion with the U.S. Treasury on the Patriot Act, we are confident that this workshop will help our members take the necessary actions to comply with new regulations. Based on our meetings with Treasury, we do not believe the regulations will present a financial burden on industry operations."
The PATRIOT Act Workshop is being sponsored by ABN, Amro Bank; Fashion Institute of Technology; Fleet Precious Metals; JPMorgan Chase Bank and Sovereign Bank. For more information, go to jvclegal.org or