Policies & Issues

JVC, Jewelers Mutual Introduce Online AML Program

Policies & IssuesJun 25, 2020

JVC, Jewelers Mutual Introduce Online AML Program

Called JewelPAC, the program assures compliance with the anti-money laundering requirements of the USA PATRIOT Act.

New York—The Jewelers Vigilance Committee 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 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.

“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,” JVC President, CEO and General Counsel Tiffany Stevens said in a news release announcing the program.

“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.”

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.

RELATED CONTENT: JVC Releases Digital Guide Demystifying FTC Guidelines
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.

To learn more about JewelPAC and purchase it, click here.
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

MajorsNov 29, 2021
Here’s a Peek at David Yurman’s Holiday Windows

It’s a wintry wonderland in New York City.

SurveysNov 29, 2021
Survey: Jewelry, Watch Purchases Are Up in 2021

Here’s what else Provoke Insights found in its latest consumer study.

FinancialsNov 29, 2021
WatchBox Secures $165M in Expansion Funding

The pre-owned luxury watch platform also welcomed new members to its board.

Brought to you by
Train Your Staff Today with Interactive eLearning

Join the prestigious brands, industry organizations and sellers using IGI’s educational services.

GradingNov 29, 2021
BIJC, GIA to Offer Distance Learning Scholarships

They will cover the cost of earning a GIA Graduate Gemologist diploma for two students.

Weekly QuizNov 23, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of Nov. 22-26, 2021.
Take the Quiz
MajorsNov 24, 2021
Here Are This Year’s Black Friday Jewelry, Watch Deals

From Amazon to Zales, several retailers have deals lined up for the shopping holiday.

MajorsNov 24, 2021
Former JCK Associate Publisher Donna Borrelli Dies

The longtime industry veteran had a breakthrough case of COVID-19.

Brought to you by
3 Tips For Entering the Estate Market

Generate foot traffic and expand your jewelry expertise by adding an estate assortment to your store in partnership with Windsor Jewelers, Inc.

MajorsNov 24, 2021
Samuel B Has Now Donated More Than 1M Meals to Feeding America

The company donates 10 meals to the nonprofit for every piece of jewelry it sells.