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JVC presents seminar on USA PATRIOT Act Compliance and the AML programme
The seminar is sponsored by Bank Leumi USA and supported by Standard Chartered Bank
By: Diamond World News Service
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Feb 17 2010 1:11PM
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Reference: 4646  

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JVC (Jewelers Vigilance Committee) is presenting “USA PATRIOT Act Compliance – Is Your AML Program Ready for IRS Review?” at the forthcoming JA/NY Winter Show, Jacob Javits Convention Center, on March 1, 2010. The seminar will allow jewellers to interact with the IRS about their AML (anti-money laundering) programmes and will receive a signed AML training letter from JVC which will apply toward companies’ obligation to develop and implement an AML training programme for employees.

Cecilia Gardner said that “The IRS is actively examining jewellers’ AML programmes for compliance with the USA PATRIOT Act. This seminar will provide important AML information and updates for jewellery manufacturers and retailers who developed – or need to develop – an AML programme. The seminar’s panel will have Sandra Stolt, IRS SB/SE BSA Program Manager Policy, Julie Vanderslice, FinCEN and Jim Rocchio, Manager, Credit/Web Services, The Jewelers Board of Trade. Cecilia Gardner, JVC’s president, CEO and general counsel as moderator. Bank Leumi USA and supported by Standard Chartered Bank are sponsoring the event.

Topics selected for the seminar will be about AML and Bank Secrecy Act (BSA) and the documents that the IRS will probably ask to review including Written AML programme, AML training materials for employees, Risk assessment reports, Periodic testing of AML programmes (required by law), Transactions pertaining to the purchase and sale of precious metals, stones or jewels, and Cash reporting using IRS form 8300’s. Gardner further added that “In October 2009, I presented a seminar to the IRS examination team, making sure that the examiners from all over the country understood the nature and complexities of the jewellery industry, and that their expectations were not based on any business sectors that they previously examined, such as banks and money service businesses. Jewellers (even within sectors) all have unique and different business models--no one method of conducting business is applicable to all. It was important that the IRS examiners understand the requirements of the law and the nature of the industry before these examinations began.”

“A number of jewellers have recently contacted the JVC to let us know that they have been contacted by the IRS for examination of their AML compliance. Jewelers report that in their discussions with the IRS examiners, JVC’s PACK and JVC AML contract services are familiar to the IRS examiners, and considered a positive indication of compliance. IRS familiarity with JVC’s PACK may help to simplify the review process.”

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