While we do ask for ul­ti­mate ben­e­fi­ciary in­for­ma­tion, it is purely on a self-dec­la­ra­tion ba­sis—that’s a very ex­ten­sive ex­er­cise and I don’t think even banks are ca­pa­ble of do­ing that.

Solitaire - - GJEPC NEWS -

Will MyKYCBank in­clude fi­nan­cial data?

No, this is pure KYC in­for­ma­tion and doesn’t check or ask for any fi­nan­cial in­for­ma­tion. KYC in­for­ma­tion is to know what the com­pany is do­ing; whether it’s gen­uine and a part of the busi­ness. The fi­nan­cial in­for­ma­tion can change from year to year; plus that’s not the fo­cus of this ini­tia­tive. This fo­cuses purely on get­ting ev­ery­one into the sys­tem, hav­ing the KYC in­for­ma­tion as re­quired. The plat­form es­sen­tially en­ables you to share the in­for­ma­tion with your coun­ter­par­ties with­out any has­sles. We are in talks with the World Fed­er­a­tion of Di­a­mond Bourses (WFDB) and other agen­cies. We are just set­ting up the gov­er­nance struc­ture so that we can then in­vite th­ese out­side agen­cies to be­come part of this. We will then ex­tend it out­side. The idea is that glob­ally there is one plat­form where it be­comes very easy for one party to trade with any other coun­ter­party. It will be grad­u­ally opened up to re­tail­ers. Banks are very keen, too, based on what­ever dis­cus­sions we’ve had with them. So once we have a ba­sic crit­i­cal mass, we’ll need to have some dis­cus­sions on how to al­low them ac­cess. Banks, in­sur­ers, etc. are very much in­ter­ested in and need this in­for­ma­tion. They would ul­ti­mately also be al­lowed to see this in a par­tic­u­lar form.

Will MyKYCBank be linked with sys­tems like the Re­spon­si­ble Jew­ellery Coun­cil (RJC)?

This is com­pli­men­tary to RJC or Best Prac­tice Prin­ci­ples (BPP) etc., so it’s not re­ally a link­age be­cause RJC is an ex­ten­sive ex­er­cise and ev­ery­one may not go for it, but ir­re­spec­tive of that, you prob­a­bly would need to go for a KYC.

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