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MyKYCBank is a platform intended to ease the KYC work for companies in the diamond sector. Belgian diamond traders can register on the platform, where they are to fill in all their KYC information and upload the supporting documents. As such, all KYC documents, from proof of company registration to passport copies of directors, are saved in the system.
By making connections with other companies on the platform, this information can be shared between members of the platform. Both India and Dubai are also participating in this initiative. This way, you no longer need to ask all KYC documents from your client; instead, you can connect to your client, ask for access to their KYC documents, download those and keep them for your administration.
This initiative was set up by GJKIC, a non-profit daughter company of GJEPC, the Indian equivalent of AWDC. AWDC was the first diamond trade center which started its cooperation with GJEPC and since the end of 2018, Dubai has joined as well.
Belgian diamond traders can register on the platform and connect with their clients on the platform. Registration entails payment of a membership fee, which amount depends on the turnover of the company. The annual fees range from 30 USD for companies with a turnover of less than 200.000 USD, to 500 USD for companies with a turnover over 100 million USD.
AWDC has drafted an FAQ for MyKYCBank registration. Please consult this document before or whilst registering on the MyKYCBank platform, to guide you through the registration phase and to ensure that you fill in and upload all the right information and documents.
It is also possible to give other entities, e.g. your bookkeeper, access to your MyKYCBank profile. You can create a sub account for them under your company, which you can give particular mandates (e.g. to only see the connections you have, so that they can see the KYC of your counterparties). For more information on how to create such a sub account, please consult the document under the 'Documents' section below at this page.
For questions related to the platform, please get in touch with the MyKYCBank Helpdesk at email@example.com.