DDC, IDCA Hold PAC & AML Workshops
May 29, 11(IDEX Online News) - Members of the New York City Diamond Dealers Club and the Indian Diamond & Colorstone Association (IDCA) met for three PATRIOT Act Compliance (PAC) Anti-Money Laundering (AML) workshops. The members were also introduced to software that will help them keep compliant with the relevant regulations.
According to DDC President Moshe Mosbacher, "One of the world's foremost legal authorities has reviewed and endorsed the TransGuardian solution"
Primarily an online logistics software provider for high-value shippers, TransGuardian has developed a series of online wizards, which explain the Patriot Act regulations.
TransGuardian's online wizards automatically generate a set of tools for a dealer to become compliant, including a customized, 20-page written AML program for each business, personal training scores in the regulations, a tailored business risk assessment score, a plan for annual independent audits, customized letters for affirming the compliance status of the business or for asking suppliers and buyers to affirm their compliance status, and an AML compliance certificate and decal for posting on the business' premises.
TransGuardian also provides online Restricted Person Screening (RPS) to help dealers "KYC" - Know Your Customer (or Supplier). TransGuardian's RPS links to 17 international government AML and anti-terrorism watch lists, including the U.S. Treasury's SDN, the FBI, the World Bank and Interpol. TransGuardian Members can type in any name, business name and/or address and instantly find out if that entity is prohibited for trade by law.
TransGuardian offers an online course for $699 for non-DDC members and $499 for DDC members.