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.
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.