JVC & JMG together offer ‘JewelPAC’ in US

Two leading organisations of the jewellery industry – Jewelers Mutual and Jewelers Vigilance Committee – will together offer JewelPAC, a programme that keeps jewellers compliant with the USA PATRIOT Act’s anti-money laundering (AML) requirements. The Jewelers Mutual Group will host the fully online programme consisting of content curated by Jewelers Vigilance Committee (JVC).
Tina Olm, Jewelers Mutual Director of Enterprise Business Development said: “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 jewellery industry like never before. It is something almost all jewellery businesses need to have. Not only are there federal regulations around creating and maintaining a programme, but many banks and credit facilities will also require proof of a programme.”
The two organisations explained that the newly launched programme, that jewellers who buy and sell $50,000 or more per year in precious metals, precious stones, or jewellery for which 50% of the value is derived from precious stones or precious metals must create and implement a comprehensive programme that includes: appointing a compliance officer, conducting a risk assessment, writing a programme and policy document, training employees, and periodically testing the programme to ensure it is working as designed.
In order to make compliance processes easier and more comprehensible, the JewelPAC programme features training modules that automatically create the required customised documents and updates programme materials each year, keeping documents current and automating some of the review processes. “This reduces the amount of time that jewelers need to spend creating and editing a compliant AML programme. Ultimately, it provides peace of mind that a programme was made correctly and is up-to-date.”
Tiffany Stevens, JVC President, CEO and General Counsel commented: “We’re seeing federal regulators place an increased level of scrutiny on AML programmes, with a focus on where the jewellery supply chain is most vulnerable. Jewellers could try to create their own programme, but it would take significantly longer than using the JewelPAC programme and may not meet federal requirements. More importantly, the JewelPAC programme has been tested and provides a proven solution to jewellers, representing the pinnacle of business ethics and something we’re proud to be a part of.”
The organisations concluded by pointing out that while the laws have not changed, the ways businesses interact and transact with customers in the digital age has. This shift in how the jewellery industry conducts business makes implementing an approved AML programme more important than ever.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished