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IRS asks JVC for help in training AML examiners

October 27, 2009

New York--The Internal Revenue Service (IRS) has asked Jewelers Vigilance Committee (JVC) President and Chief Executive Officer Cecilia Gardner to train examiners on the complexities of the jewelry industry as the IRS prepares to examine jewelers' anti-money-laundering programs (AML).

According to a release from the JVC, the IRS will soon be examining jewelers' AML programs for compliance with the U.S. Patriot Act.

In an effort to aid the IRS, the JVC will provide an overview of the unique aspects of the jewelry industry to help IRS examiners understand the diverse sectors, multiple business models and complex methods of doing business in the jewelry industry.

"Serving as an industry liaison, JVC will train IRS examiners about commonly used, legally compliant methods of doing business in the jewelry industry," Gardner said in the release. "Many jewelry businesses, particularly small, family-run businesses, operate in ways that IRS examiners may not have encountered when reviewing banks or other financial institutions. JVC is committed to helping examiners understand how the industry thinks and what to expect--and what not to expect--prior to their review of jewelers' AML programs."

Gardner went on to say that the JVC has long represented the industry's needs and concerns before government agencies that regulate the business, so the IRS' request for JVC to train their examiners is a logical extension of the JVC's role as the governmental industry liaison.

"JVC welcomes input from industry manufacturers and retailers," she said in the release. "Jewelers with ideas about how to advance communication with the IRS should contact me at the JVC."

For more information, visit the JVC's Web site, JVCLegal.org.
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