In June 2005, U.S. Treasury and Financial Crimes Enforcement Network (FinCEN) finalized anti-money-laundering (AML) regulations for the jewelry industry and required “dealers in precious metals, precious stones, jewels, and covered goods” to implement an AML program by Jan. 1, 2006.
In addition, jewelry dealers who buy such products in an amount exceeding $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 could be subject to legal sanctions.
As part of Jewelers Vigilance Committee’s education program to alert jewelry dealers about the need to comply with U.S. government AML regulations, JVC is presenting AML seminars at industry trade shows in New York City and Tucson, Ariz.
At the JA New York show, JVC is presenting, “What to Expect if an IRS Examiner Wants to See Your Anti-Money-Laundering Program.” Keynote speaker IRS Agent Alex Basden will explain what the IRS is looking for in dealers’ AML programs. This seminar explains the basic requirements of an AML program and what standards the IRS will apply to determine if your program is fully compliant. Cecilia Gardner, JVC president and author of JVC’s PATRIOT Act Compliance Kit and Anna Martin, vice president, ABN AMRO Bank, will answer questions about how to develop an AML program. The seminar is sponsored by ABN AMRO Bank and will be held on Monday, Jan. 23, 2006, 9:00 AM – 10:30 AM at the Javits Convention Center Meeting Room 1E03. Registration is not necessary.
At JVC’s American Gem Trade Association GemFair seminar, titled “Develop Your AML Program Using JVC’s USA PATRIOT Act Compliance Kit (PACK)” Gardner will help jewelry dealers develop AML programs using JVC’s PACK. The seminar is scheduled for Tuesday, Jan. 31, 10 AM – 12:30 PM or 2 PM – 4:30 PM at the Tucson Convention Center, Apache Meeting Room. Registration and purchase of JVC’s USA PATRIOT Act Compliance Kit (PACK) are required. (There is no charge to attend the seminar.) To reserve a seat and to purchase JVC’s PACK at the special AGTA discount price of $255, contact Kathy Gilbert, AGTA, 1-800-972-1162. PACK kits will be picked up at the seminar. Orders must be placed by Jan. 19 to ensure a seat and PACK kit. Attendees who already own JVC’s PACK must bring it to the seminar.