The Antwerp World Diamond Centre (AWDC) and India’s Gems and Jewellery Export Promotion Council (GJEPC) are joining 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, the organizations said in a statement. 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,” they added.