The MyKYCBank platform provides a centralized global platform for companies in the Gems and Jewellery (G&J) industry to complete, manage and share their KYC information so as to enable them to meet their obligations under the anti-money laundering AML laws of their respective countries.
Members can 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 KYC compliance process. Only members of G&J industry bodies who have joined the platform are permitted to register. The platform also helps members reduce their compliance costs, while simultaneously improving transparency in the trade, especially for financial institutions and governments. MyKYCBank will start onboarding DMCC registered companies on their platform from January 2019.
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