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Feb.08, 2010, 15:58

The JVC will present “USA PATRIOT Act Compliance – Is Your AML Program Ready for IRS Review?” at the JA/NY Winter Show, Jacob Javits Convention Center, Monday, March 1, 2010, 8:30 a.m. to 10 a.m., meeting room 1D05-06. Jewelers can speak to the IRS about their anti-money laundering (AML) programs. Seminar attendees will receive a signed AML training letter from JVC which will apply toward companies’ obligation to develop and implement an AML training program for employees.

Panelists include: Sandra Stolt, IRS SB/SE BSA program manager of policy and Jim Rocchio, manager of credit/web services, The Jewelers Board of Trade.  Cecilia Gardner, JVC’s president, CEO and general counsel, will moderate. The seminar is sponsored by Bank Leumi USA and supported by Standard Chartered Bank.

The seminar will include discussion about AML and Bank Secrecy Act (BSA) and the documents that the IRS will probably ask to review. These include:

•Written AML program

•AML training materials for employees

•Risk assessment reports

•Periodic testing of AML programs (required by law)

•Transactions pertaining to the purchase and sale of precious metals, stones or jewels

•Cash reporting using IRS form 8300’s

Commented Gardner: “The IRS is actively examining jewelers’ AML programs for compliance with the USA PATRIOT Act. This seminar will provide important AML information and updates for jewelry manufacturers and retailers who developed – or need to develop – an AML program.

"In October 2009, I presented a seminar to the IRS examination team, making sure that the examiners from all over the country understood the nature and complexities of the jewelry industry, and that their expectations were not based on any business sectors that they previously examined, such as banks and money service businesses. Jewelers (even within sectors) all have unique and different business models--no one method of conducting business is applicable to all. It was important that the IRS examiners understand the requirements of the law and the nature of the industry before these examinations began.

"A number of jewelers have recently contacted the JVC to let us know that they have been contacted by the IRS for examination of their AML compliance.”  

Jewelers report that in their discussions with the IRS examiners, JVC’s PACK and JVC AML contract services are familiar to the IRS examiners, and considered a positive indication of compliance.  IRS familiarity with JVC’s PACK may help to simplify the review process.

JVC members pay low annual dues and receive thousands of dollars in free legal compliance products and services. For more information about JVC’s  PACK – USA PATRIOT Act Compliance Kit – and legal compliance updates pertaining to jewelry businesses, visit JVC’s website – www.jvclegal.org