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PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: AMY C. GREENBAUM/JVC 212-997-2002/amy@jvclegal.org
The IRS is Actively Examining Jewelers’ AML Programs
for Compliance with the USA PATRIOT ActJEWELERS VIGILANCE COMMITTEE PRESENTS:“USA PATRIOT Act Compliance -
Is Your AML Program Ready for IRS Review?”
Seminar Attendees Can Speak to the IRS about Their AML Programs,
and Receive a Signed AML Training Letter from JVC Seminar Sponsored by Bank Leumi USA and
Supported by Standard Chartered Bank
New York City — February 8, 2010 – JVC (Jewelers Vigilance Committee) 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 AM – 10:00 AM, meeting room 1D05-06. Jewelers can speak to the IRS about their AML (anti-money laundering) 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 Policy and Jim Rocchio, Manager, 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 Cecilia 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
Jewelers Vigilance Committee, founded in 1917, is a not-for-profit legal trade association fulfilling its mission to maintain the jewelry industry’s highest ethical standards. JVC offers dispute mediation and arbitration services for trade and consumers, compliance monitoring and precious metals testing, among many other services. JVC, long considered the industry’s guardian of ethics and integrity, is a resource for the entire jewelry industry and its customers as well as an industry representative before government agencies, media and adjunct fields. For more information visit: www.jvclegal.org.
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IRS COMMENCES REVIEW OF JEWELERS' ANTI-MONEY LAUNDERING PROGRAMS
IRS and the Jewelry Industry Are Familiar
with JVC's PACK - AML Program
December 3, 2009. IRS examiners have begun to contact jewelers to review their AML (anti-money laundering) programs for compliance with the USA PATRIOT Act. A number of jewelers have recently contacted the JVC to let us know that they have in turn been contacted by the IRS for this purpose.
Jewelers report that in their discussions with the IRS examiners, JVC's PACK and JVC AML 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.
During the examination, the IRS will probably review various AML and Bank Secrecy Act (BSA) documents, including (but not limited to): Your written AML program - AML training materials for your employees
- Risk assessment reports
- Periodic testing of your AML program (required by law)
- Transactions pertaining to the purchase and sale of precious metals, stones or jewels
- Cash reporting using IRS form 8300's
JVC members with AML or USA PATRIOT Act implementation questions can contact the JVC using a special dedicated e-mail address: askamlexpert@aol.com
JVC members can take advantage of a wide array of AML services provided by the JVC:
Do you Need to Develop an AML Program? A free service to help you determine if you have to comply with the USA PATRIOT Act and develop an AML program for your business.
JVC's PACK / Do-it-yourself AML Program Development. User-friendly system includes templates and forms on CD to customize for your AML program.
JVC's AML Contract Services, Including Testing & Review. JVC offers several contract services to help jewelers develop and maintain their AML programs and to prepare for an AML IRS review:
1. AML Program Development. JVC will put into place a fully compliant AML program.
2. AML Employee Training. JVC will train your employees in the requirements of the USA PATRIOT Act as well as the specific program you have developed.
3. AML Program: Full Testing Program. JVC will review your AML program AND your company's books, records, transactions flows and issue a results letter. This review will ensure your business is fully compliant and ready for an IRS examination
4. AML Program: Quick Review. JVC will review your AML program to make sure you complied with all the required steps. This service will check to see if you have complied with all the required elements of compliance.
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