Today, the Antwerp World Diamond Centre (AWDC) and the Gems and Jewellery Export Promotion Council (GJEPC) have announced they will join forces in rolling out an industry-wide Know-Your-Customer (KYC) exchange platform, MyKYCBank. The MyKYCBank platform, which had been launched by the GJEPC through an independent subsidiary, provides a centralized platform for companies in the industry to complete and manage their KYC in line with global standards. Users can easily and quickly share their own KYC data among trade connections as well as banks and other financial intermediaries.
Through the collaboration between the two authorized industry bodies AWDC and GJEPC, the MyKYCBank will encompass the members of the world’s largest diamond trade and manufacturing communities, Antwerp and India. The platform will become a powerful tool that can significantly reduce compliance costs for users, bring greater transparency in the industry and build confidence of other stakeholders in the industry, such as financial institutions and government.
"MyKYCBank has been created with the objective of bringing greater transparency to the industry," said Pranay Narvekar of the G&J KYC Information Centre. "In this regard, the GJEPC is very pleased to announce this partnership with AWDC as we seek to provide a seamless and transparent KYC process across the globe. With increasingly strict compliance norms, banks are expected to do due diligence for transactions, and quite a few banks are avoiding the sector because of a lack of transparency and the high-risk nature of the industry. With the MyKYCBank platform, we are promoting a network where all the KYC information is easily available, as well as giving banks the confidence that its users are members of trade bodies and involved in the trade. The platform allows companies to provide the necessary information and make it available in a standard format at the click of a button. This effectively lowers the compliance risks for the banks, giving them more confidence."