December 6, 2005
JVC Warns: One Month Left to Develop AML Program
Jewelry dealers have until Jan. 1, 2006, to develop their anti-money laundering programs to comply with AML regulations issued by FinCEN (Financial Crimes Enforcement Network) earlier this year, announced the Jewelers Vigilance Committee. The rules require "dealers in precious metals, precious stones, jewels and covered goods" to implement an AML program.
Jewelry dealers who buy these products in an amount in excess of $50,000 in one year and receive more than $50,000 in gross proceeds from the sale of precious metals, stones and jewels during the same period must comply by Jan. 1. Legal sanctions can be imposed if they do not.
Immediately after FinCEN announced its AML regulations (in June of 2005), JVC launched its USA Patriot Act Compliance Kit for jewelry dealers retailers, manufacturers, distributors and wholesalers who needed to develop AML programs. PACK includes everything a business needs to develop a successful AML plan.
To continue to support JVC PACK owners, JVC members and the industry at large, JVC is launching a new seminar series explaining what the Internal Revenue Service looks for in AML programs. "What to Expect if an IRS Examiner Wants to See Your Anti-Money Laundering Program" explains the basic requirements of an AML program and what standards the IRS will apply to determine if a program is fully compliant. JVC is introducing the seminar at the JA New York Show, Jacob Javits Convention Center, on Jan. 23, 9-10:30 a.m., in meeting room 1E03-04. IRS agent Alexander Basden will highlight what elements will be examined to determine compliance. Registration is not required.
JVC offers PACK owners contract services that address specific AML requirements. Contact services include: Anti-Money Laundering Program and Policy Development, Employee-Training Program Pertaining to Anti-Money Laundering and Testing of Anti-Money Laundering Programs. These services are available to the entire jewelry industry.
For more information on JVC's USA Patriot Act Compliance Kit, go to jvclegal.org.