JA serves guidance on Anti-Money Laundering Programs to members
25 Jul '05
2 min read
New York based Jewelers of America (JA) has provided its members with guidance on the interim final rule regarding anti-money laundering programs recently issued by the US Treasury Department's Financial Crimes Enforcement Network (FinCEN).
The interim final rule affects those whom the Treasury Department classifies as “dealers” of precious metals, stones, or jewels. Upon a careful review of the rule, JA has determined that most of its retail members do not fit the rule's definition of “dealers” and will not be required to create anti-money laundering programs inside their stores.
“Although the majority of retail members will not be directly affected, they are providing these guidelines to all JA members to help them understand the new anti-money laundering rules because of the issue's potential impact on the jewelry industry,” said JA President and CEO Matthew Runci.
The materials were mailed to all JA members and can also be found in the members' section of the JA website, www.jewelers.org. JA is asking each of its members to review the materials to determine whether they are classified as a “dealer” and must establish compliance procedures as required by FinCEN.
Jewelers of America Inc is the national trade association for retail jewelers. With more than 11,000 members nationally, JA also works locally through its state and regional affiliates. JA advocates high social, ethical, and environmental standards, promotes professional business and leadership skills, and enhances its members' profitability by offering education, certification, marketing and cost-saving programs.
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