In a move to straighten out the industry, Jewelers Mutual and Jewelers Vigilance Committee have teamed up in compliance with the USA PATRIOT Act's anti-money laundering (AML) policies. The Jewelers Mutual Group will be hosting curated content from the Jewelers Vigilance Committee (JVC) in an online program.
"We were founded in 1913 and JVC was founded four years later. Bringing together 200-plus years of knowledge will help raise the tide of the jewelry industry like never before. It’s something almost all jewelry businesses need to have. Not only are there federal regulations around creating and maintaining a program, many banks and credit facilities will require proof of a program," said Tina Olm, Jewelers Mutual Director of
Any jeweler that purchases and sells off $50,000 or more annually in precious stones, metals, or jewelry must be willing to create a program around their business. 50% of the value within each sale must derive from the stones and metals themselves. The program consists of the appointment of a compliance officer, providing a written policy and program document, employee training, risk assessment, as well as testing the methods of the program from time to time.
The JewelPAC is filled to the brim with modules meant for training. The requirements for each customized program or document are automatically updated yearly, which help to keep things fresh in that area. As a result, jewelers will not have to constantly report to the AML program and continue to flourish in their businesses without the fear of red tape.
Tiffany Stevens, JVC President, CEO and General Counsel also said in the statement, "We’re seeing federal regulators place an increased level of scrutiny on AML programs, with a focus on where the jewelry supply chain is most vulnerable. Jewelers could try to create their own program, but it would take significantly longer than using the JewelPAC program and may not meet federal requirements. More importantly, the JewelPAC program has been tested and provides a proven solution to jewelers, representing the pinnacle of business ethics and something we’re proud to be a part of."
Information originally sourced from INSTOREMAG.