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JVC to Present Legal Compliance Seminar

Mar 11, 2010 1:19 PM   By Jewelers Vigilance Committee
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Press Release, Jewelers Vigilance Committee: Jewelers Vigilance Committee (JVC), the legal compliance expert in the jewelry industry, is presenting a “Legal Compliance is NOT Optional” education seminar to members of the New York City’s  47th Street Business Improvement District (BID) and the surrounding area.  JVC’s seminar will be held on Wednesday, April 21, 2010 at the Diamond Dealer’s Café, located at 580 5th Ave. on the 10th floor, from 10:00 a.m. to 11:30 a.m. JVC is presenting to this jewelry group based on the high concentration of jewelry retailers and suppliers doing business in the  47th Street vicinity.

New York’s 47th Street is one of the largest, most well-known, fine jewelry and diamond selling locations in both the U.S. and globally. It is estimated that 33,000 jewelers do business on that one single block. In 2006, JVC developed and launched “Legal Compliance is NOT Optional” to educate jewelers about the legal regulations pertaining to how they do business and has presented this seminar in major jewelry hubs across the U.S.

The seminar, presented by Suzan R. Flamm, JVC’s  assistant general counsel, will offer practical “how to” actions that many jewelers may need to take to follow legal compliance regulations, including how to comply with anti-money laundering (AML) regulations pertaining to the USA PATRIOT Act.  The IRS has begun to contact jewelers to review their AML programs.

"We're happy to be working with the JVC," said Michael Grumet, executive director of the 47th Street BID.  "We want the merchants in our district to be in compliance with all laws and regulations concerning our industry and this seminar will help them to do so."

According to Cecilia Gardner, JVC’s president, chief executive officer (CEO) and general counsel, “The IRS has beyond to review retailers’ AML programs. It is vital that all BID retailers who need to comply with the USA PATRIOT Act develop their AML programs and  update them on a regular basis.

“JVC’s “Legal Compliance is NOT Optional” seminar will include important AML legal compliance information that jewelers cannot afford to miss.  We urge jewelers to attend JVC’s “Legal Compliance is NOT Optional” seminar, participate in the question and answer session, learn more about the benefits of  JVC membership and visit JVC’s website, www.jvclegal.org, for follow-up information.

“Today, jewelers face many legal compliance challenges.  In addition to trying to maintain or add market share, jewelers must comply with an array of legal compliance regulations and at the same time, fulfill existing regulations, such as filling out an 8300 form for cash transactions over $10,000.

 “JVC’s goal is to help jewelers doing business in the U.S. understand the legal regulations pertaining to the manufacture, sale and advertising of fine jewelry. Virtually all jewelry businesses can benefit from JVC products and services, as well as JVC’s AskAMLEXPERT@aol.com, a free, web-based service available to JVC members and the industry at large.”

JVC seminars are free of charge, but registration is required. To register, send an email and include your name, company, address, phone number and email address to info@diamondistict.org or call Natalia at 212.302.5739. A free Continental breakfast is included as part of the seminar.

For more information about JVC’s free legal compliance seminars, education programs, jewelers’ AML responsibilities and JVC's products and services, visit: www.jvclegal.org.

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 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.

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