AWDC WEBINAR: Sanctions Compliance
The diamond industry is a heavily regulated industry and traders have to comply with a wide array of legal obligations specific to the sector. For example, diamond traders are very familiar with the Kimberly Process Regulations to prevent conflict diamonds and Anti-Money Laundering measures.
However, did you know that you are not allowed to trade diamonds with specific countries, or particular persons, companies or organizations for trade sanctions perspective too? Or that you might be required to apply for an export license and follow a strict procedure in order to be able to export synthetic diamonds?
Government and international institutions all over the world impose so-called trade sanctions, requiring traders to trade in a compliant and safe way. Trade sanction violations can have a significant impact on you, as they range from considerable financial penalties to criminal charges.
During this webinar, we will introduce you to the world of sanctions and export controls compliance for the diamond trade, including what specific risks to look out for and which (preventative) actions you may take in order to trade in a compliant manner.