July 19, 2005
JA Offers Patriot Act Guidance to Members
Jewelers of America has provided its members with guidance on the interim final rule regarding anti-money laundering programs recently issued by the U.S. Treasury Department's Financial Crimes Enforcement Network.
The interim final rule affects those the Treasury classifies as "dealers" of precious metals, stones or jewels. Upon a careful review of the rule, JA determined most of its retail members do not fit the rule's definition of "dealers" and will not be required to create anti-money laundering programs inside their stores.
"Although the majority of our retail members will not be directly affected, we are providing these guidelines to all JA members to help them understand the new anti-money laundering rules because of the issuešs potential impact on the jewelry industry," said Matthew Runci, JA president and CEO.
The materials were mailed to all JA members and can also be found in the members section of the JA website, www.jewelers.org. JA is asking each of its members to review the materials to determine whether they are classified as a "dealer" and must establish compliance procedures as required by FinCEN.
Non-members who wish to join JA can call Jewelers of America at (800) 223-0673 or go to www.jewelers.org for membership information.