It can be quite the task to keep up with your client administration, and this can prevent you from doing business efficiently between Belgian diamond traders.
Therefore we advise every Belgian diamond company to keep the following documents ready in their mailbox:
- ID cards of all directors
- ID cards of all UBO's (Ultimate Beneficial Owners)
- Extract of the UBO register
- A signed declaration from the company’s director indicating who the UBOs are
- Extract/print of the KBO register
This way, whenever you receive an AML request from a client or supplier in Belgium, you can simply forward these documents with one click. Your counterparty will then have all the necessary information. It saves both parties a lot of time.
Important reminder:
You are still required to conduct a risk assessment, decide on onboarding/rejecting the client, and update your KYC information at least every three years (for low-risk counterparties). Luckily, AWDC has developed a new risk-screening & onboarding platform, KYCP, that you can use for free! If you want to request an account, contact trst@awdc.be or go to the AWDC Helpdesk.
