JA provides members with anti-money laundering guidance

By JCK Online Staff

Posted on July 20, 2005

Jewelers of America has provided its members with guidance on the interim final rule regarding anti-money laundering programs recently issued by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

The final rule affects those whom the Treasury Department classifies as “dealers” of precious metals, stones, or jewels. Upon review of the rule, JA has determined that most of its retail members do not fit the rule’s definition of “dealers” and will not be required to create anti-money laundering programs inside their stores.

“Although the majority of our retail members will not be directly affected, we are providing these guidelines to all JA members to help them understand the new anti-money laundering rules because of the issue’s potential impact on the jewelry industry,” said JA President and CEO Matthew Runci.

The materials were mailed to all JA members and can also be found in the members’ section of the JA website, www.jewelers.org. JA is asking each of its members to review the materials to determine whether they are classified as a “dealer” and must establish compliance procedures as required by FinCEN.

Non-members who wish to join JA are invited to join call Jewelers of America at 800-223-0673 or visit www.jewelers.org for membership information.