Editor’s Note
This article highlights the launch of JewelPAC, a new online program by the JVC and Jewelers Mutual Group designed to streamline AML compliance for jewelers.
New York—The Jewelers Vigilance Committee (JVC) and Jewelers Mutual Group have launched an all-online program designed to make it easier and faster for jewelers to stay compliant with the anti-money laundering (AML) requirements of the USA PATRIOT Act.
Called JewelPAC, the program has training modules that automatically create the required customized documents and update program materials each year, keeping documents current and automating some of the review process—kind of like a TurboTax for AML compliance.
Jewelers Mutual Director of Enterprise Business Development Tina Olm noted that in addition to the federal requirements for an AML program, many banks and credit facilities require proof of one.
Congress passed the USA PATRIOT Act in October 2001 in an effort to shore up national security in the immediate wake of the 9/11 terrorist attacks.
The act requires the creation of a comprehensive AML program by jewelers who buy and sell $50,000 or more per year in precious metals, precious stones or jewelry for which 50 percent of the value is derived from precious stones or metals.
The program must 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.
JVC and Jewelers Mutual have been working on developing JewelPAC for more than two years. Jewelers Mutual hosts the program while JVC manages the content.
The program is entirely online and costs $750 for first-time users and $500 for renewals.