Antwerp--The Antwerp World Diamond Centre and the Gem & Jewellery Export Promotion Council have partnered to roll out an industry-wide Know-Your-Customer exchange platform.

The GJEPC launched the MyKYCBank platform through an independent subsidiary to provide a place for companies in the industry to complete and manage their KYC in line with global standards.

It allows users to quickly and easily share their data with trade connections as well as banks and other financial institutions.

The two organizations said the tool will “significantly reduce” compliance costs for users, bring greater transparency to the industry and build confidence in other stakeholders in the industry like financial institutions and government.

To get on the KYC network, users need to register and become a member of KYC. Neither the GJEPC nor the AWDC responded to an email request from National Jeweler asking if there were any fees or costs associated with the program.

Through the collaboration between the GJEPC and the AWDC, the MyKYCBank will include the members of two of the largest diamond trade and manufacturing regions, Antwerp and India.

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