AWDC Members Join GJEPC’s MyKYCBank Platform
The Antwerp World Diamond Centre (AWDC) and the Gem & Jewellery Export Promotion Council (GJEPC) have announced they will join forces in rolling out an industrywide Know-Your-Customer (KYC) exchange platform, 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 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.
Through the collaboration between the two authorised industry bodies AWDC and GJEPC, MyKYCBank will encompass the members of the world’s largest diamond trade and manufacturing communities, Antwerp and India. The platform will become a powerful tool that can significantly reduce compliance costs for users, bring greater transparency in the industry and build confidence of other stakeholders in the industry, such as financial institutions and government.