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IRS Assesses Anti-Money Laundering Programs

Feb 16, 2010 3:58 AM   By JVC
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Press Release, Jewelers Vigilance Committee (JVC): The JVC will present “USA PATRIOT Act Compliance – Is Your AML Program Ready for IRS Review?” at the JA/NY Winter Show, Jacob Javits Convention Center on Monday, March 1, 2010 from 8:30 a.m. to 10 a.m. in Meeting Room 1D05-06. Jewelers can speak to the IRS about their anti-money laundering (AML) programs. Seminar attendees will receive a signed AML training letter from JVC, which will apply to companies’ obligation to develop and implement an AML training program for their employees. 

The panelists will include Sandra Stolt, an IRS SB/SE BSA program manager of policy, and Jim Rocchio, the manager of credit/web services for The Jewelers Board of Trade (JBT). Cecilia Gardner, JVC’s president, chief executive officer (CEO) and general counsel, will moderate. The seminar is sponsored by Bank Leumi USA and supported by Standard Chartered Bank.

The seminar will include a discussion about AML and the Bank Secrecy Act (BSA) and the documents that the IRS will probably ask to review. These include:
•A written AML program;
•AML training materials for employees;
•Risk assessment reports;
•Periodic testing of AML programs, which is required by law;
•Transactions pertaining to the purchase and sale of precious metals, stones or jewels; and 
•Cash reporting using IRS form 8300. 

Commented Gardner: “The IRS is actively examining jewelers’ AML programs for compliance with the USA PATRIOT Act. This seminar will provide important AML information and updates for jewelry manufacturers and retailers who developed — or need to develop — an AML program. 

"In October 2009," Gardner continued, "I presented a seminar to the IRS examination team, making sure that the examiners from all over the country understood the nature and complexities of the jewelry industry, and that their expectations were not based on any business sectors that they previously examined, such as banks and money service businesses. Jewelers — even within sectors — all have unique and different business models — no one method of conducting business is applicable to all. It was important that the IRS examiners understand the requirements of the law and the nature of the industry before these examinations began.

"A number of jewelers have recently contacted the JVC to let us know that they have been contacted by the IRS for examination of their AML compliance,” Gardner said.   

Jewelers report that based on their discussions with the IRS examiners, JVC’s PACK and JVC AML contract services are familiar to the IRS examiners and considered a positive indication of compliance. The IRS; familiarity with JVC’s PACK may help to simplify the review process.

JVC members pay low annual dues and receive thousands of dollars in free legal compliance products and services. For more information about JVC’s  PACK – USA PATRIOT Act Compliance Kit – and legal compliance updates pertaining to jewelry businesses, visit JVC’s website at www.jvclegal.org.

About Jewelers Vigilance Committee (JVC)
Jewelers Vigilance Committee (JVC), founded in 1917, is a not-for-profit legal trade association fulfilling its mission to maintain the jewelry industry’s highest ethical standards. JVC offers dispute mediation and arbitration services for the trade and consumers, compliance monitoring and precious metals testing, among many other services. JVC, long considered the industry’s guardian of ethics and integrity, is a resource for the entire jewelry industry and its customers, as well as an industry representative for government agencies, media and adjunct fields. For more information, visit
www.jvclegal.org

Rapaport News is not responsible for, and does not endorse, the content of any press release. Press releases are not written by us and are provided only as additional information for our clients.

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Tags: Banks, Compliance, Consumers, Government, Jewelers Vigilance Committee, Jewelers Vigilance Committee (JVC), Jewelry, JVC
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