How much do you know about anti-money laundering (AML) compliance programs?
AML programs help businesses identify suspicious activity associated with criminal acts including money laundering. They originated with the Bank Secrecy Act, a series of laws designed to deter covert banking activities abroad, and were expanded by the USA PATRIOT Act.
And they’re not optional for jewelry businesses that sell over $50,000 in merchandise annually. Need a primer on AML? We’ve got your back! We asked Tiffany Stevens, president, CEO and general counsel of the Jewelers Vigilance Committee, to explain what jewelry companies need to know about AML programs and their purpose and application. She makes this complex subject easy to understand!