January 20, 2006
JVC Honors Kolish
At its annual luncheon on Jan. 13, the Jewelers Vigilance Committee gave its Stanley Schechter Award to Elaine D. Kolish, Esq., who for many years was the chief expert at the Federal Trade Commission on the FTC Guidelines for the Jewelry, Precious Metals, and Pewter Industries. JVC also elected Bill Montalto, COO of Sterling Jewelers, its new chairman of the board.
Joshua Kaptur, a representative of the U.S. Treasury Dept.'s Financial Crimes Enforcement Network, spoke to the assembled guests concerning the new Patriot Act anti-money laundering rules that went into effect for the jewelry industry on Jan. 1. Kaptur stressed that the news rules allow industry companies to "have the flexibility to design the best program for your individual business - you know your own risks best."
In 2005, FinCEN issued the final rules requiring "dealers in precious metals, precious stones, jewels and covered goods" to implement an anti-money laundering program. 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 with the rules.
JVC continues to provide targeted anti-money laundering compliance contract services to owners of JVC's USA PATRIOT Act Compliance Kit and JVC members. Those services are available even though the Jan. 1 compliance date has passed. Cecilia L. Gardner, JVC's president, CEO and general counsel and author of JVC's PACK, provides all AML services.
JVC's other services include Ask the Expert, a secure web-based service where PACK owners and JVC members can ask Gardner about developing their AML programs or about specific transactions that might raise concerns. The service is confidential and the only AML service of its kind in the jewelry industry. For more information on JVC's USA PATRIOT Act Compliance Kit, go to www.jvclegal.org.
by Peggy Jo Donahue