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Dubai joins India’s GJEPC in its My KYC Bank initiative




Gems and Jewellery Export Promotion Council (GJEPC) and Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodity Centre (DMCC), have signed an agreement to join MyKYCBank platform to help trading members from India and Dubai to reduce their compliance cost, while simultaneously improving transparency in trade, especially for financial institutions and governments.

The DDE is the fourth trade body to join MyKYCBank initiative of the GJEPC after Bharat Diamond Bourse (BDB) and Antwerp World Diamond Council (AWDC). Under the agreement, the members engaged in trading diamonds, gold or precious stones will be eligible to join the MyKYCBank platform so that it is easier for the banks to assess and access all the relevant know your customer (KYC) information they need with respect to a company.

The GJEPC had launched the MyKYCBank initiative after billionaire Nirav Modi defrauded Punjab National Bank (PNB) to the tune of Rs13,000 crore along with his uncle Mehul Choksi early this year.

The GJEPC had released a white paper in March 2018 along with MyKYCBank initiative on mitigating risks effectively in the wake of the multi-billion fraud.

Official sources said in a short span about 2,200 companies in India and Antwerp have completed the KYC compliance process and that the data have been submitted to all the banks dealing with gems and jewellery sector. Each legal entity has a unique identification number and there will be a back-end compliance team for checking information on the companies.

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

Agarwal said MyKYCBank provides a centralized global platform for companies in the gems and jewellery (G&J) industry (including gold, diamonds, precious stones and jewellery) to complete, manage and share their KYC information so as to enable them to meet their obligations under the anti-money laundering (AML) laws of their respective countries.

Under Financial Action Task Force (FATF) guidelines, companies in the G&J industry are expected to do due diligence on all their counterparties. Members of the MyKYCBank can easily share their own KYC data among trading partners as well as banks and other financial intermediaries.

Courtesy: Times of India

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