Jewelry and Precious Gem Compliance
OFAC administers and enforces U.S. economic sanctions and embargoes to ensure that U.S. based companies are not doing business with targeted foreign countries, terrorists, international narcotics traffickers or those involved in the proliferation of weapons of mass destruction.
So does OFAC apply to you and your business? Most Likely. Any business that is involved in commerce is subject to OFAC regulations and each one of them must assess their individual risk and determine their proper course in regard to OFAC compliance.
Businesses in the Jewelry and Precious Gem category should have an OFAC compliance program in place because some of the very products they sell can be used as a way to launder money. These businesses must be very aware of their customers, especially those paying cash, because their product is also very transportable and easily resold for cash making it a possible cover for illegal funds transfers. Jewelry and Precious Gem dealers must also be aware of sanctioned countries and the OFAC SDN (specially designated nationals) list to ensure that they are not buying from or selling their products to such countries which would be considered illegal and subject to penalty.
Find out how you can be OFAC compliant, call us at 888.494.8449.