Online program makes it easy to stay compliant
Two industry leaders have teamed up to offer JewelPAC™, a program that keeps jewelers compliant with Anti-Money Laundering (AML) laws under the USA PATRIOT Act.
Jewelers Mutual Group will host the fully online program featuring content curated by Jewelers Vigilance Committee (JVC).
“It’s something almost all jewelry businesses need to have,” said Tina Olm, Jewelers Mutual Group's director of enterprise business development. “Not only are there federal regulations around creating and maintaining a program, many banks and credit facilities will require proof of a program.”
AML requirements include 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 customized documents required 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 on the latest regulations.
“We’re seeing federal regulators put an increased level of scrutiny on AML programs, including focusing on where the jewelry supply chain is vulnerable,” said Tiffany Stevens, JVC president, CEO and general counsel. “Jewelers could try to create their own program, but it would take significantly longer than using the JewelPAC program. More importantly, the JewelPAC program has been tested and provides a proven solution. Making something from scratch may not fulfill the requirements.”
Due to the shift in how the jewelry industry conducts business, having an approved AML program is more important than ever. While the laws have not changed, the ways businesses interact and transact with customers in the digital age has, which can make compliance more of a challenge.
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.
“We were founded in 1913 and JVC was founded four years later,” Olm said. “Bringing together 200-plus years of knowledge will help raise the tide of the jewelry industry like never before.”
“The JewelPAC program is more than just a compliance program,” Stevens said. “It represents the pinnacle of business ethics, and that’s something we’re all proud to be a part of.”
To learn more about the JewelPAC program and to purchase it, visit JewelersMutual.com/JewelPAC.
ABOUT JEWELER'S VIGILANCE COMMITTEE
Jewelers Vigilance Committee (JVC), has been the recognized source for legal compliance information in the jewelry industry since 1917. JVC is a non-profit organization that uniquely serves every link along the jewelry supply chain through legal guidance, industry guardianship and member education. For over 100 years, JVC's sole focus has been helping jewelers build flourishing businesses that operate with the highest levels of integrity, ethics and legal and regulatory compliance. To learn more, visit jvclegal.org and follow us on social @jvclegal.