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IRS Not Up to Speed with Jeweler Examinations, Dealers Say
By Chris Mark
printThe U.S. Internal Revenue Service (IRS) isn't prepared to examine the jewelers' anti-money laundering programs, according to dealers and suppliers who fear they are being forced to adopt policies that are ill-suited for their businesses. Jewelry professionals left an anti-money laundering (AML) seminar last week in New York with unanswered questions about Bank Secrecy Act (BSA) responsibilities they assumed Jan. 1, 2006. The IRS representative who led the session said she couldn't give certain answers, in part, because she doesn't know enough about the industry. "The agent may have had a strong background in BSA compliance for other industries, but...
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