The Jewelers Vigilance Committee is providing anti-money laundering compliance services to owners of JVC’s USA PATRIOT Act Compliance Kit and JVC members. Services are available immediately and will remain available after Jan. 1, 2006, the deadline to comply with AML regulations. Cecilia L. Gardner, JVC’s president, CEO, and general counsel and author of JVC’s PACK, provides all AML services.
Earlier this year, FinCEN (Financial Crimes Enforcement Network) issued final rules requiring that “dealers in precious metals, precious stones, jewels, and covered goods” to implement an AML program. Dealers who buy these products in an amount in excess of $50,000 in one year and receive more than $50,000 in gross proceeds from the sale of precious metals, stones and jewels during the same period.
JVC’s programs address specific AML requirements. Services include:
* Anti-Money Laundering Program and Policy Development — Companies are required to assess their level of risk; JVC will assess the risks associated with a business or company and develop the company’s written AML program and AML policy.
Employee-Training Program Pertaining to Money Laundering — Companies are required to develop and implement employee-training based on the AML program. JVC will develop a written employee-training program and train employee to recognize and deal with money-laundering attempts within the scope of their employment. And, JVC will provide a record stating the implementation of the employee-training program.
Testing of Anti-Money Laundering Programs — The USA PATRIOT Act requires independent periodic testing of AML programs to monitor and maintain an adequate program. JVC will test your company’s AML program to monitor and evaluate the functioning of the program and deliver a “Results Letter” on the subject of the adequate functioning of a company’s AML program and policy.
JVC’s services also include Ask the Expert, a secure, Web-based service where PACK owners and JVC members can ask Cecilia Gardner pertinent questions about how to develop their AML programs or even about specific transactions that might raise concerns. This service is free.