July 7, 2005
JVC Partners with AGS, AGTA and JBT on Patriot Act Kit Discount
To help businesses comply with the USA Patriot Act's new anti-money laundering rules for the jewelry industry, the Jewelers Vigilance Committee has established partnerships with several jewelry industry associations, including the American Gem Society, American Gem Trade Association, and The Jewelers Board of Trade to offer JVC's USA Patriot Act Compliance Kit to association members at a discounted price. JVC reserved the best price for JVC members, however. JVC's discount to associations is valid until Jan. 1, 2006, which is also the deadline for industry companies to become AML compliant.
"The JVC maintains ethics and integrity in our industry by promoting legal compliance. I can think of no other organization that is more equipped to provide our industry with the necessary tools to implement appropriate anti-money laundering programs. AGS is delighted to provide the JVC's expertise to our members through this partnership," says Ruth Batson, executive director and CEO of AGS.
"These new regulations require heightened due diligence for our industry around the identification and knowledge of business partners on both the buy and sell side. Through its Patriot Act Compliance Kit, the JVC has developed a helpful and practical resource to assist in complying with these requirements. The JBT is pleased to partner with JVC and our industry association peers, to offer the kit at a 15% discount for our members in good standing," says Dione Kenyon, president, JBT.
"JVC developed the Patriot Act Compliance Kit for the entire jewelry industry. AGS, AGTA and JBT recognize that after years of waiting for [the government] to finalize AML regulations, they are here and the jewelry industry has to comply. It is gratifying that these leading industry associations, representing thousands of prestigious retailers, manufacturers, distributors and wholesalers, recognize the value of JVC's [kit]," says Cecilia Gardner, JVC executive director and general counsel.
The JVC kit includes all the instructions a business needs to develop a successful AML program, says Gardner, including templates and forms that can be customized, frequently asked questions, resources and checklists.
The kit also includes access to Ask the AML Expert, a new, secure, web-based service for businesses who are in the process of drafting a compliance program. JVC members and others who buy the Patriot Act Compliance Kit can ask questions about how to develop effective AML programs, specific transactions that may raise suspicions, assigning duties to a compliance officer, deciding which employees to train and designing the testing function. The Ask the AML Expert service is completely free and confidential and a company's questions will not be posted on JVC's website, says Gardner. The service is also TradeLock protected.
For more information about developing an effective AML program or for legal compliance issues, visit JVC's site, www.jvclegal.org.