Press Release: New York Diamond Dealers Club (DDC) president Moshe Mosbacher reported that Cecilia Gardner, Esq., president and chief executive officer (CEO) of the Jewelers Vigilance Committee (JVC), addressed more than 125 club members attending a seminar on anti-money laundering (AML) rules and regulations at the DDC.
Mosbacher said, “This is an especially timely subject, one which affects all diamond dealers. It is extremely important that all of us be up to date regarding the applicable anti-money laundering laws and regulations governing our industry.”
Gardner said that the USA PATRIOT ACT required each diamond dealer with purchases and/or sales above a threshold amount to have a written AML program designed to detect and prevent money laundering and/or the financing of terrorism. Moreover, dealers may not engage in any business with people whose names appear on an official list maintained by the U.S. Treasury Department’s Office of Foreign Assets Control.
The DDC president urged all club members to make sure that their AML programs were current.
He noted that “In recent months, the IRS had visited area diamond dealers and that failure to comply with the anti-money laundering regulations could lead to federal prosecution. The most effective way to avoid any problems is to establish, implement and monitor an anti-money laundering program that adheres to all applicable laws and regulations.”
About the New York Diamond Dealers Club
Established in 1931, the Diamond Dealers Club (DDC) is the voice of the American diamond industry and is the oldest and largest diamond-trading bourse in the United States. A member of the World Federation of Diamond Bourses (WFDB), the DDC’s nearly 2,000 members come from across the U.S., Europe, Japan, India, South Africa and Israel. The DDC is headquartered in a 25,000-square-foot facility in the heart of the diamond district in the World Diamond Tower at 580 Fifth Avenue and 47th Street. To learn more about the DDC, please visit www.nyddc.com.
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