Patriot Act Requires Jewelers to Help Prevent Money Laundering

The Patriot Act—a terrorism-fighting measure passed by Congress in response to the Sept. 11 attacks—will likely create new legal obligations for jewelers, manufacturers, and anyone else who sells or trades in precious gems or metals. The act calls on all "financial institutions" to develop policies to prevent money laundering. Most jewelers would be surprised to learn that the government considers them financial institutions, thanks to the Bank Secrecy Act of 1970. (Also included in the definition: pawnbrokers, metal refiners, even auto dealers.) A long list of industry organizations, led by the Jewelers Vigilance Committee, recently answered a Treasury Dept. request for information on how the industry will comply with these rules. The industry's proposal calls on jewelers to: maintain records of all business partners; be extra diligent regarding "un

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).


Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out