Press Releases Jewelers Mutual and Jewelers Vigilance Committee Introduce Anti-Money Laundering Program The online program makes compliance easy. Published 8 months ago on June 24, 2020 By INSTORE Staff Share Tweet (PRESS RELEASE) NEW YORK — Two industry leaders have teamed up to offer JewelPAC, a program that keeps jewelers compliant with the USA PATRIOT Act’s anti-money laundering (AML) requirements. The Jewelers Mutual Group will host the fully online program consisting of content curated by Jewelers Vigilance Committee (JVC). We were founded in 1913 and JVC was founded four years later. Bringing together 200-plus years of knowledge will help raise the tide of the jewelry industry like never before. It’s something almost all jewelry businesses need to have. Not only are there federal regulations around creating and maintaining a program, many banks and credit facilities will require proof of a program. — Tina Olm, Jewelers Mutual Director of Enterprise Business Development Jewelers who buy and sell $50,000 or more per year in precious metals, precious stones, or jewelry for which 50% of the value is derived from precious stones or precious metals must create and implement a comprehensive program that includes: appointing a compliance officer, conducting a risk assessment, writing a program and policy document, training employees, and periodically testing the program to ensure it is working as designed. The JewelPAC program features training modules that automatically create the required customized documents and updates program materials each year, keeping documents current and automating some of the review process. This reduces the amount of time that jewelers need to spend creating and editing a compliant AML program. Ultimately, it provides peace of mind that a program was made correctly and is up-to-date. We’re seeing federal regulators place an increased level of scrutiny on AML programs, with a focus on where the jewelry supply chain is most vulnerable. Jewelers could try to create their own program, but it would take significantly longer than using the JewelPAC program and may not meet federal requirements. More importantly, the JewelPAC program has been tested and provides a proven solution to jewelers, representing the pinnacle of business ethics and something we’re proud to be a part of. — Tiffany Stevens, JVC President, CEO and General Counsel While the laws have not changed, the ways businesses interact and transact with customers in the digital age has. This shift in how the jewelry industry conducts business makes implementing an approved AML program more important than ever. Advertisement To learn more about the JewelPAC program and to purchase it, click here. Related Topics: Jewelers MutualJewelers Vigilance CommitteeLatest News Top click to Comment(Comment) Up Next SRK Donated Meals During the Pandemic Lockdown Don't Miss Gabriel & Co. Teams Up with J. Mendel for this Summer’s First Designer Flash Continue Reading Advertisement SPONSORED VIDEO Wilkerson Testimonials Retirement Made Easy with Wilkerson The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.” You may like IGI to Certify Rare Pink Diamonds from Australia’s Argyle Mine Bergio Acquires Online Jewelry Retailer Aphrodite’s Platinum Guild International USA Relaunches E-Learning and Resource Website Promoted Headlines Digital Warrior: A Conversation with GemFind’s Alex Fetanat GemFind A Sales Meeting Platform for The 21st Century The Plumb Club With Average Retails of $250, This Is One Brand You Won’t Want to Miss! 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