JVC to host seminar entitled “Legal Compliance is NOT Optional”

The Jewelers Vigilance Committee (JVC) will be presenting a seminar on the subject “Legal Compliance is NOT Optional”, on April 21, 2010, at the Diamond Dealer’s Café and is being held for members of the New York City’s 47th Street Business Improvement District (BID), and the surrounding area. New York’s 47th Street is one of the largest, most well-known, fine jewellery and diamond selling locations in the US and worldwide, with an estimated 33,000 jewellers conducting on the one single block.

The seminar, presented by JVC assistant general counsel Suzan R. Flamm, will offer practical “how to” actions to follow legal compliance regulations, including how to comply with anti-money laundering (AML) regulations pertaining to the USA PATRIOT Act. The IRS has begun contacting jewellers to review their AML programmes.

According to Cecilia Gardner, JVC’s president, CEO and general counsel: “It is vital that all BID retailers who need to comply with the USA PATRIOT Act develop their AML programmes and update them on a regular basis. “JVC’s “Legal Compliance is NOT Optional” seminar will include important AML legal compliance information that jewellers cannot afford to miss. We urge jewellers to attend JVC’s “Legal Compliance is NOT Optional” seminars, participate in the question and answer session, learn more about the benefits of JVC membership and visit JVC’s Web site, www.jvclegal.org for follow up information. Today, jewellers face many legal compliance challenges. In addition to trying to maintain or add market share, jewellers must comply with an array of legal compliance regulations and at the same time, fulfill existing regulations such as filling out an 8300 form for cash transactions over $10,000.”

“JVC’s goal is to help jewellers doing business in the US understand the legal regulations pertaining to the manufacture, sale and advertising of fine jewellry. Virtually all jewellry businesses can benefit from JVC products and services, as well as JVC’s AskAMLEXPERT@aol.com, a free, Web-based service available to JVC members and the industry at large.”

In 2006, JVC developed and launched “Legal Compliance is NOT Optional” to educate jewellers about legal regulations in conducting business and has presented this seminar in major jewellery hubs across the US. "We're happy to be working with the JVC," said Michael Grumet, executive director of the 47th Street Business Improvement District. "We want the merchants in our district to be in compliance with all laws and regulations concerning our industry and this seminar will help them to do so."