India’s Gem and Jewellery Export Promotion Council (GJEPC) and the Antwerp World Diamond Centre (AWDC) have announced they will join forces in rolling out an industry-wide Know-Your-Customer (KYC) exchange platform called the MyKYCBank.
The MyKYCBank platform, which had been launched by the GJEPC through an independent subsidiary, provides a centralised platform for companies in the industry to complete and manage their KYC requirements in line with global standards. Users can easily and quickly share their own KYC data among trade connections as well as banks and other financial intermediaries.
The collaboration between the GJEPC and the AWDC will ensure that the MyKYCBank will encompass the world’s largest diamond trade and manufacturing communities in Belgium and India. The GJEPC said in a press release that the platform will become a powerful tool that can significantly reduce compliance costs for users, bring greater transparency in the industry and build the confidence of other stakeholders in the industry, such as financial institutions and government.