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Anti-Money Laundering
Anti-Money Laundering Legislation for Diamantairs
The anti-money laundering legislation, officially known as the Law on the Prevention of Money Laundering and Terrorist Financing, includes rules and obligations designed to detect, prevent, and combat illicit financial flows. The anti-money laundering legislation imposes various obligations, such as identifying clients, verifying their identity, exercising enhanced due diligence before and after entering into an agreement, and actively cooperating with the Financial Intelligence Processing Unit (CFI).
The latest Belgian anti-money laundering law dates from 18 September 2017. Diamond traders fall under the scope of this legislation since 2004, which means that all registered diamond companies trading in loose diamonds need to comply with the Belgian AML law. In addition to the diamond sector, the legislation also applies to financial institutions such as banks and insurance companies, real estate brokers, lawyers, and accountants, as well as organizations dealing with large sums of money, such as casinos.
Since complying with all legal obligations under the AML legislation is a complex challenge, AWDC aims to assist Antwerp diamond companies as much as possible in meeting the mandatory compliance requirements of the anti-money laundering law.
Anti-Money Laundering (AML) Policy
Every company is required to have a written in-house AML (Anti-Money Laundering) policy that outlines how it complies with AML legislation. To assist Belgian diamond traders, AWDC has developed a draft AML policy template that can be customized to reflect their company’s specific practices. This policy outlines measures to prevent money laundering (ML) and the financing of terrorism (FT), serving as a practical guideline for Belgian-registered diamond traders seeking to implement an effective AML policy. The document has been carefully crafted by AWDC and approved by the supervising authority for the Belgian diamond sector, the FPS Economy.
During AML inspections, diamond traders may be required to present their AML policy, and financial institutions may also request to review it. It is essential that diamond traders fully understand the content of their AML policy, as inspectors may ask detailed questions about its implementation. By completing the AML policy conscientiously and adhering to it in practice, diamond traders demonstrate compliance with Belgian anti-money laundering legislation.
AML Trainings
AWDC offers an AML training course tailored for entrepreneurs entering or active in the diamond trade. These courses equip diamantairs with the foundational knowledge they need to excel in their profession while adhering to industry standards.
Traders can easily access and participate in these training programs via the MyAWDC and later upload your AML report to the Diamond Supervision portal.
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During the first ever Compliance Week hosted by AWDC from April 20 until April 24 people could prepare for the large-scale AML exam on May 19. Passing this exam means a three year exemption for the AML certification obligation.
Know Your Customer (KYC) - Free Access to KYCP Database
KYC, or Know Your Customer, means verifying the identity of a client before starting a business relationship. It is required by law in certain sectors to help prevent money laundering and the financing of terrorism.
To comply with anti-money laundering (AML) regulations, companies must also provide a written conclusion stating whether or not they wish to enter into a business relationship with the client.
By conducting a KYC check, companies assess potential risks, ensure they know who they are doing business with, and protect themselves from being misused for criminal activities.
Free Access to the KYCP Database
AWDC now offers all Belgian-registered diamond traders free access to KYCP, a new digital platform to streamline customer identification, screening, and onboarding.
KYCP allows you to:
- Create a personal dashboard to securely store each client’s KYC information digitally
- Download and save client company data directly from the KYC database
- Automatic risk screening of your client’s KYC data
- Receive alerts when client information needs to be updated
- Invite clients to complete their KYC details and upload missing documents via dashboard
- Accept or reject clients directly from your personal dashboard
KYCP automatically screens risks and sends reminders to update KYC data. It helps traders save time, stay compliant, and better meet AML obligations.
| If you are not registered yet: | If you are already registered: |
| Contact us on compliance@awdc.be | Login via https://kycp-awdc-prod.kycportal.com/
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Alternative option
KYCP can also be used exclusively for risk authentication through:
- Creating a basic client record in KYCP (without uploading documents)
- Downloading company information from ORBIS (retrieving company information through a name search)
- Checking the downloaded ORBIS information via GRID (risk assessment)
- Printing or downloading these findings for their own records
Obtaining KYC information via the client letter and onboarding decision can still perfectly be managed manually, as was done previously.