[Jewelry making - Article 00241] - Re: [Orchid] News on Patriot Act?

[Michael R. Mathews Sr.]

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Hello Brenda:

>        Does anyone know the current status of the Patriot Act? The
>     following is an article from JCK's site. 

    The U.S. Treasury Department issued its Patriot Act anti-money
    laundering rules for the jewelry industry, the Jewelers Vigilance
    Committee announced Saturday. The rules require jewelry dealers to
    set up compliance programs within six months. However, it appears to
    let most jewelers off the hook. According to the rules, dealers in
    covered goods (meaning jewels, precious metals, precious stones, and
    finished goods) will have until January 1, 2006, to implement an
    anti-money laundering program. 

    Those programs involve: 

          * Performing a risk assessment in order to evaluate their
          particular risks of being exploited for money laundering
          purposes; 

          * Appointing a compliance officer to implement the program; 

          * Designing and implementing an anti-money laundering program,
          based on prior developed risk assessment; 

          * Training employees; 

          * Testing the anti-money laundering program independently to
          ensure that the program functions as designed. 

    Most retailers appear not to be required to implement the program -
    with the exception of retailers who purchase more than $50,000 of
    covered goods from non-U.S. dealers or members of the public, and
    sell more than $50,000 of those goods. 

    Pawnbrokers are also exempted from the rule. 

    To help companies design anti-money laundering programs, the
    Jewelers Vigilance Committee had developed the USA PATRIOT Act
    Compliance Kit.

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