Recently AWDC said, “We would like to inform you about new and important changes in the anti-money laundering measures regarding the identification of Belgian diamond trading clients. These changes are crucial for your company’s compliance and anti-money laundering policy.”
Until now, it was sufficient to verify the identity of Belgian Diamond Company clients on the website Registered diamond companies and keep a record by taking a screenshot or print of the webpage. This procedure has now been changed.
In the future, it will be mandatory to verify the identity of Belgian diamond company clients in the registers of the Crossroad Bank of Enterprises (CBE or KBO in Dutch) and the Ultimate Beneficial Owners (UBO) Register at FPS Finance.
While the website of registered diamond companies of Belgium can still be consulted, it is no longer a mandatory part of your KYC process for Belgian diamond companies. Instead, print or take a screenshot from the Crossroad Bank of Enterprises (CBE/KBO) that details company information on your client, including official registration as a diamond company and the names of directors.
The CBE/KBO register is publicly available and can be accessed online in English, French, and Dutch. Additionally, download a PDF from the Belgian UBO register that details the names of the ultimate beneficial owners of your client’s company.
Eligible entities can access the UBO register via MyMinFin using the identity card or the Itsme app of the director of a diamond company. Only obliged entities (companies subject to anti-money laundering legislation) have access to the complete UBO register. Therefore, you will need to access the database via the identity card or Itsme app of your company’s director. More information on how to give/obtain a proxy to a third party to access the UBO register is available on the aforementioned website.
Due to these changes, new versions of the AWDC client letter, the AML FAQ, and the AML policy template are available. We encourage you to download these from AWDC’s website. We understand that these changes will require adjustments to your procedures. Note that it is important to update the KYC files (with the CBE/UBO data) for all active/ongoing business relationships.
Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
