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Jewelry Association Aiding IRS on AML Training
By Brian Monroe
printA jewelry industry advocacy group is helping anti-money laundering examiners at the IRS to better understand the vulnerabilities and business models of dealers in precious metals and stones. The New York-based Jewelers Vigilance Committee (JVC), which offers educational programs and monitors industry compliance with applicable regulations, said IRS examiners were most interested in how precious metals dealers differed from other non-bank financial institutions, like money services businesses and insurance companies. The training sessions, which took place Tuesday in Washington D.C., "went very well," said JVC President and Chief Executive Cecilia Gardner. Examiners asked questions about how the businesses operate and...
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