GJEPC- DDE to Ink Agreement on Dec 20 in Jaipur Enabling DMCC Members to Enrol in MyKYCBank

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The Dubai Diamond Exchange (DDE) – a subsidiary of DMCC (Dubai Multi Commodities Centre) – will be signing an agreement with The Gem and Jewellery Export Promotion Council (GJEPC) to join the MyKYCBank platform. The agreement will be signed by Pramod Kumar Agrawal, GJEPC Chairman and Ahmed Bin Sulayem, Executive Chairman, DMCC on December 20, 2018 at Rambagh Palace, Jaipur.

DMCC will be the fourth trade body to join MyKYCBank, following GJEPC, Bharat Diamond Bourse and the Antwerp World Diamond Council. Under the agreement, members of the DMCC engaged in trading diamonds, gold or precious stones will be eligible to join the MyKYCBank platform.

Membership is restricted to companies that are part of a G&J industry body that is already affiliated to the platform. Currently, over 2,200 companies have completed the ‘Know Your Customer (KYC)’ compliance process on MyKYCBank.

The MyKYCBank platform launched by G & J KYC Information Centre, an independent subsidiary of the GJEPC, 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 the 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.

The MyKYCBank platform also helps members significantly reduce their compliance cost, while simultaneously improving transparency in the trade, especially for financial institutions and governments, GJEPC said.

MyKYCBank will start onboarding DMCC registered companies on their platform from January 2019.

Read More: jewelry magazines online

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