DMCC joins GJEPC’s MyKYCBank platform
DMCC,
the fourth trade body
joining MyKYCBank
The
Dubai Diamond Exchange (DDE)-a subsidiary of DMCC (Dubai Multi Commodities
Centre) – signed a service agreement to join the MyKYCBank platform of the Gem
& Jewellery Export Promotion Council. Mr. Ahmed Bin Sulayem, Executive
Chairman of DMCC, and Chairman of DDE, and Mr. Pramod Kumar Agrawal, Chairman,
GJEPC, were present at this momentous occasion.
The
agreement enables DMCC members trading in diamonds, gold and precious stones to
join the MyKYCBank platform. DMCC will be the fourth trade body to join
MyKYCBank, following GJEPC, 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.
Commenting
about the MoU signing with MyKYCBank, Mr. Ahmed Bin Sulayem, Executive Chairman
of DMCC, and Chairman of DDE, 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.”
Mr.
Pramod Kumar Agrawal, Chairman, GJEPC,saidthat DMCC and its Dubai Diamond
Exchange has decided to become part of the MyKYCBank platform. The UAE is an important trading partner in
the industry for India, across gold, diamonds, jewellery 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. 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
cost, 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.
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