Members of the Diamond Dealers Club and the Indian Diamond & Colorstone Association (IDCA) have packed the DDC New York headquarters for three PATRIOT Act Compliance (PAC) Anti-Money Laundering (AML) workshops. Some flew in from as far away as Indiana.

"AML Compliance is required by law for our members," said DDC President Moshe Mosbacher, opening the three-workshop seminar. "One of the world's foremost legal authorities has reviewed and endorsed the TransGuardian solution. We're proud to present a no-nonsense, easy and economical way to get compliant and stay compliant."

Primarily an online logistics software provider for high-value shippers, Transguardian has developed a series of online wizards, which explain the Patriot Act regulations and give diamond and gemstone dealers hands-on tools to get the job done. "We realized that many dealers prefer hands-on training to the computer," said Jim Moseley, the company's president and CEO. "So we also offer live workshops, teaching with interactive Q&A and computer-graded, multiple-choice questionnaires. Attendees can drop into our seminar with nothing more than a pencil and walk away with their compliance totally set up - done!"

Transguardian's online wizards automatically generate a set of tools for a dealer to become compliant, including: (1) a customized, 20-page written AML program for each business, (2) personal training scores in the regulations, (3) a tailored business risk assessment score, (4) a plan for annual independent audits, (5) customized letters for affirming the compliance status of the business or for asking suppliers and buyers to affirm their compliance status, and (6) 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 in real-time 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.

"Ignoring US AML regulations is like failing to get a flu shot - the potential fines, penalties and disruption to your business aren't worth the risks," said Joseph Khafi, chairman of the DDC's Board of Directors.

"TransGuardian's system makes a complex subject easy," said Lou Rohde, the DDC's Director of Member Services. "A lot of our members have paid other professionals $1,500 to $2,000 to get the job done."

TransGuardian offers an online course for $699 for non-DDC members and $499 for DDC members.

Earlier this month the DDC concluded an agreement with TransGuardian, according to which DDC members being able to ship packages of diamonds and jewelry at preferred rates, using what has been called a Concierge Shipping Service. The agreement, which is designed to complete the DDC's new secure online trading platform, will include TransGuardian's organizing a credit risk insurance policy for transactions managed through the DDC's Bonded Trading System.