Compliance

Compliance in the Antwerp diamond industry from DiamondsLoveAntwerp on Vimeo.

Compliance, also known as “the fifth C” following carat, color, cut and clarity, is at the core of Antwerp’s business model. It entails the Antwerp diamond industry assuming a leading role globally regarding implementing the highest standards in terms of industry’s commitment to transparency and compliance. These are fine words and noble intentions, yet AWDC and Antwerp’s diamond industry take concrete initiatives to ensure realization of these objectives.

Such initiatives include the creation of an Anti-Money Laundering & Compliance Helpdesk and organizing regular AML Seminars, arranging free access to the Bureau Van Dijk’s “Know Your Customer” database, developing an industry-specific Client Acceptance Policy in collaboration with the Belgian financial intelligence unit, performing risk assessment and monitoring of registered diamond companies in collaboration with FPS Economy - an increasingly crucial task in today’s financing environment – and providing customer service to diamond companies on starting up a business, conducting diamond business and industry specific regulations all compiled in the Business Guide. All of these initiatives are in addition to the structural compliance guaranteed by the Diamond Office.

AWDC also wholeheartedly supports the philosophy and aim of the World Federation of Diamond Bourses and its Code of Conduct.