All diamond dealers must have a written program to prevent money laundering and the inadvertent financing of terrorism, Cecilia Gardner, President and CEO of the Jewelers Vigilance Committee, told more than 125 Diamond Dealers Club members in a recent address.
Gardner also noted that dealers may not engage in any business with people whose names appear on an official list maintained by the US Treasury Department’s Office of Foreign Assets Control.
"In recent months the IRS had visited area diamond dealers and said that failure to comply with the AML regulations could lead to Federal prosecution," said DDC club president Moshe Mosbacher. "The most effective way to avoid any problems is to establish, implement and monitor an AML program that adheres to all applicable laws and regulations."Follow JCK on Instagram: @jckmagazine
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