DMCC Joins GJEPC’s My KYC Initiative

RAPAPORT… The Dubai Diamond Exchange (DDE) will join the Gem &
Jewellery Export Promotion Council’s (GJEPC) digital know-your-customer
platform.



All members of the DDE’s parent company, the Dubai Multi Commodities Centre
(DMCC), that trade in diamonds, gold and precious stones will be able to use My
KYC Bank to manage and share customer information, the DMCC and the GJEPC said last
week.


The DMCC will be the fourth trade body to use the platform,
in addition to the GJEPC, the Bharat Diamond Bourse and the Antwerp World Diamond
Centre (AWDC). The platform has more than 2,200 users, the GJEPC said.


My KYC Bank — which the GJEPC rolled out together with the
AWDC in December 2017 — was designed to help members of the trade meet
reporting obligations under the anti-money-laundering laws in their respective
countries. Users can share information with others in the trade, as well as with
banks and other financial institutions.


“The UAE is an
important trading partner in the industry for India, across gold, diamonds,
jewelry and precious stones,” said GJEPC chairman Pramod Agrawal. ”The
inclusion of DDE-registered companies on the platform will go a long way in
addressing the concerns of our industry bankers, and support the trade between
the countries.”


Image: GJEPC chairman Pramod Agarwal and DDE chairman Ahmed Bin Sulayem. (GJEPC/DMCC)