The Gemological Institute of America (GIA) said is enhancing its ‘Know Your Customer’ (KYC) program in order to comply with applicable laws, regulations and best practices.
All new and current laboratory clients will be required to confirm the identity and ownership of their businesses, and to provide identifying information for all authorised representatives conducting business with GIA on their behalf.
The GIA said in a press release that these requirements are recognised globally and are not unique to GIA.
“GIA will only conduct business with reputable customers, suppliers and other third parties involved in legitimate business activities whose funds are derived from legitimate sources,” said GIA Chief Ethics & Compliance Officer Elizabeth Keating.
She added, “As a global institute, we have a responsibility to make all reasonable efforts to determine the true identity and ownership of client accounts, their source of funds and the nature of their business. This is a global best practice.”
The GIA said that beginning May 1, it will start to contact current laboratory clients with an invitation to update their personal and business information, provide required documentation and to sign and submit a digital client agreement.
Current clients may contact their client service representative with any questions or to begin the process.