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JVC, JBT present AML seminar

August 02, 2007

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New York—The Jewelers Vigilance Committee (JVC) and the Jewelers Board of Trade (JBT) presented "Industry/Government—Your Anti-Money Laundering Obligations" to manufactures and retailers on Monday as part of the JVC's anti-money-laundering (AML) educational series.

Seminar attendance was in compliance with jewelers' USA Patriot Act training obligations and counted toward meeting the legal requirements for AML obligations.

Topics covered included: what jewelers can expect now that the Internal Revenue Service (IRS) has a system in place to review if businesses' AML programs comply with the USA Patriot Act; what industry members are responsible for knowing about their vendors; and what credit-analysis and identification services can support AML programs for jewelers.

Panelists at the seminar included: F. Kim Buggs, IRS, SB/SE BSA compliance policy program analyst; Gary Murray, New York High Risk Money Laundering and Related Financial Crimes Areas; Dione Kenyon, JBT director; and Cecilia L. Gardner, JVC president, chief executive officer, general counsel and certified anti-money-laundering specialist.

The need for jewelers to be vigilant in developing AML programs and filing Suspicious Activities Reports (SARs) with the Financial Crimes Enforcement Network was emphasized at the meeting.

Buggs reported that IRS AML examinations should start in fiscal year 2008 and jewelers who are required to develop programs must test them annually.

Murray urged jewelers who encounter suspicious transactions to file a SAR. The choice of whether or not to continue any transaction lies with the dealer, he said.

Both presentations will be posted at the JVC's Web site, Jvclegal.org.

Attendees also heard from Kenyon on how the JBT's credit analysis services can be used to identify the credit history of vendors, and Gardner explained that failure to develop, update and test AML programs could result in criminal prosecution. She also offered information on the JVC programs and services to develop and test AML programs and train employees.
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