(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.
To learn more about the JewelPAC program and to purchase it, click here.