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Jewelry Compliance V: Patriot Act in Effect for Diamond Industry.
William D. Langford Jr., associate director for regulatory policy at the U.S. Treasury's Financial Crimes Enforcement Network (FINCEN). has announced his Department's final rules to extend the 2001 USA PATRIOT Act's anti-money laundering (AML) and terrorist-financing rules to dealers in precious metals, stones and jewels. These regulations oblige most businesses or individuals with $50,000 or more a year in gross proceeds to develop a written AML program based on an internal risk assessment. The purpose of this program is to prevent exploitation by those with criminal intent to use our industry to launder illegal funds. There will be a period of six months for companies to come into compliance.
Congress has identified the jewelry industry as a trade susceptible to money laundering. The JVC (Jewelers Vigilance Committee) has worked closely with Treasury and FinCen to communicate the jewelry industry's needs and to develop guidelines to help jewelers develop effective AML programs.
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