The Dubai Diamond Exchange (DDE) is to join the MyKYCBank platform of India's Gem & Jewellery Export Promotion Council.
Ahmed Bin Sulayem, Executive Chairman of DMCC, and Chairman of DDE, and Pramod Kumar Agrawal, Chairman, GJEPC, signed the agreement which enables DMCC members trading in diamonds, gold and precious stones to join the MyKYCBank platform.
DMCC is the fourth trade body to join MyKYCBank, following GJEPC, the Bharat Diamond Bourse and the Antwerp World Diamond Council.
The MyKYCBank platform 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 enable them to meet their obligations under the anti-money laundering AML laws of their respective countries, the sides said in a statement.
Bin Sulayem said, “As a leading global diamond hub, the Dubai Diamond Exchange and DMCC are proud to be part of the MyKYCBank and enable our members to join the leading platform and serve business requirements.”
Meanwhile, Agrawal said, "The UAE is an important trading partner in the industry for India, across gold, diamonds, jewelry 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. The MyKYCBank platform has become a recognition across the world for KYC.”
Members can easily share their own KYC data among trade connections as well as banks and other financial intermediaries. Under the FATF guidelines, companies in the G&J industry are expected to undertake a due diligence on their counterparties. India is an FATF member, while UAE is part of MENAFATF.
Over 2,200 companies have joined the MyKYCBank platform and have completed its ‘Know Your Customer (KYC)’ compliance process. Only members of G&J industry bodies who have joined the platform are permitted to register. The platform also helps members significantly reduce their compliance costs, while simultaneously improving transparency in the trade, especially for financial institutions and governments. MyKYCBank will start on-boarding DMCC registered companies on their platform from January 2019.