Antwerp Body Joins India KYC Program

RAPAPORT… Trade organizations in Belgium and India are collaborating on an online
network to enable industry members to share know-your-customer (KYC) data with
each other.



MyKYCBank, which India’s Gem & Jewellery Export Promotion Council (GJEPC) initially set up, lets diamond
companies create a profile with compliance details about their businesses. They
can then pass on this information to other people in the industry with whom
they choose to connect, including banks.


Through an initiative between the GJEPC and the Antwerp World Diamond Centre (AWDC), the platform will now be open to traders in both India and Belgium, connecting two of the world’s largest diamond markets.



The network will make it easier for traders to comply with
different countries’ KYC requirements, reducing administrative costs, a spokesperson
for the AWDC explained. While it will start as a platform for the trade in
Belgium and India, it could expand into other diamond markets such as the US,
Israel and Hong Kong in the future, the spokesperson added.