The Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), signed a service agreement to join the MyKYCBank platform of the Gem & Jewellery Export Promotion Council (GJEPC). DMCC Executive Chairman and DDE Chairman Ahmed Bin Sulayem GJEPC Chairman Pramod Kumar Agrawal did the honours.
The DMCC is the fourth trade body to join the MyKYCBank after the GJEPC, Bharat Diamond Bourse (BDB) and the Antwerp World Diamond Council (AWDC). The agreement enables DMCC members trading in diamonds, gold and precious stones to join the MyKYCBank platform.
The MyKYCBank platform provides a centralised global platform for companies in the gem and jewellery industry (stakeholders in gold, diamonds, precious stones and jewellery) to complete, manage and share their KYC information so as enable them to meet their obligations under the anti-money laundering AML laws of their respective countries.
Commenting about the MoU signing with MyKYCBank, Bin Sulayem said, “As a leading global diamond hub, the Dubai Diamond Exchange and the DMCC are proud to be part of the MyKYCBank and enable our members to join the leading platform and serve business requirements.”
GJEPC Chairman 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 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.”
Members can easily share their own KYC data with trade connections as well as banks and other financial intermediaries. Under the Financial Action Task Force (FATF) guidelines, companies in the gem and jewellery industry are expected to undertake due diligence on their counter-parties. India is an FATF member, while the UAE is part of the Middle East and North Africa Financial Action Task Force (MENAFATF).
Over 2,200 companies have joined the MyKYCBank platform and have completed its ‘Know Your Customer (KYC)’ compliance process. Only members of gem and jewellery industry bodies who have joined the platform are permitted to register. The platform also help members significantly reduce their compliance cost, while simultaneously improving transparency in the trade, especially for financial institutions and governments. MyKYCBank will start listing DMCC registered companies on their platform from January 2019.