GIA enhances KYC program!
GIA
Furthers Best Practices with
Improved
KYC Program!
To
comply with applicable laws, regulations and best practices, GIA (Gemological
Institute of America) is enhancing its ‘Know Your Customer’ (KYC) program. This
program supports the high standards of integrity that align with GIA’s mission
of ensuring the public trust in gems and jewelry. All new and current
laboratory clients will be required to confirm the identity and ownership of
their businesses, and to provide identifying information for all authorized
representatives conducting business with GIA on their behalf. These
requirements are recognized globally and are not unique to GIA.
“GIA
will only conduct business with reputable customers, suppliers and other third
parties involved in legitimate business activities whose funds are derived from
legitimate sources,” said Elizabeth Keating, GIA’s chief ethics and compliance
officer. “As a global Institute, we have a responsibility to make all
reasonable efforts to determine the true identity and ownership of client
accounts, their source of funds and the nature of their business. This is a
global best practice.”
Beginning
May 1, GIA will start to contact current laboratory clients with an invitation
to update their personal and business information, provide required
documentation and to sign and submit a digital client agreement. Current
clients may contact their client service representative with any questions or
to begin the process.
Current
laboratory clients and anyone interested in becoming a laboratory client can
learn more about the documentation requirements and process by visiting GIA.edu/opening-a-lab-account or
contacting GIA.
All
information provided to GIA by new or current clients will be used solely in
relation to their business with GIA and will remain private and confidential in
accordance with applicable laws and contracts. Required information includes,
but is not limited to, valid government-issued photo identification, full legal
name, date of birth, permanent address for each authorized representative and
disclosure of authorized third-party representatives.
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