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WFDB to Launch-Know-Your Customer Program in May
Mar 7, 2016 2:46 AM
By Rapaport News
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RAPAPORT... The World Federation of Diamond Bourses (WFDB) will launch
its Know-Your-Customer (KYC) initiative in May, aimed at increasing transparency in
the industry to banks and regulators.
The announcement was made at the WFDB’s Asia Summit held in Seoul,
where presidents of exchanges were hosted by the Korea Diamond Bourse.
The WFDB is also working closely with the 'KYC Bank' initiative set up by India's Gem & Jewellery Export Promotion Council, Ernie Blom, the WFDB’s president, wrote in an email to Rapaport News March 7.
"There are no clear industry-wide KYC standards so this will ensure
the diamond trade is better prepared to deal with all eventualities," Blom wrote in the email.
"KYC will
enable diamond businesses to receive important information about their
customers or suppliers to confirm their genuineness and that of their
transactions. This is critical because all banks follow a KYC process. We are working very closely
with other leading industry colleagues on the KYC platform and anticipate it
will be ready to share with our members by May."
At the meeting, the federation’s executive committee also
agreed on “internal changes” and acknowledged the need to work more closely
with the Diamond Producers Association and the World Diamond Mark on the
generic marketing of the gems, according to a separate statement March 4.
“As we approach the World Diamond Congress in Dubai in May,
we are finding that the themes
for the meeting that we set – transparency, responsibility, sustainability –
cover the many issues on our agenda and we further strengthened our commitment
to those principles,” Blom added.
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Tags:
Asia Summit, Fair Trade, Know Your Customer, korea, Korea Diamond Bourse, legal, Rapaport News, Seoul, WFDB, World Federation of Diamond Bourses
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