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GIA Steps Up Compliance Rules

Know Your Customer program requires clients to produce enhanced level of identification.
Apr 30, 2019 8:01 AM   By Rapaport News
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RAPAPORT... The Gemological Institute of America (GIA) will require customers to disclose key identification information as part of its new compliance program, it said Monday.

Under the lab’s Know Your Customer system, clients will need to confirm their identity and provide a proof of ownership of their companies. They will also be required to present identifying materials for any employees who do business with the GIA. The institute will begin implementing the policy on May 1.

“GIA will only conduct business with reputable customers, suppliers and other third parties involved in legitimate business activities whose funds are derived from legitimate sources,” said GIA chief ethics and compliance officer Elizabeth Keating. “As a global institute, we have a responsibility to make all reasonable efforts to determine the true identity and ownership of client accounts, their source of funds and the nature of their business.”

Other industry bodies have also set up know-your-customer compliance programs within the last few years. India’s Gem & Jewellery Export Promotion Council has created a service that allows industry members to record compliance details about their businesses for sharing with other members, including banks. Meanwhile, the World Federation of Diamond Bourses launched a Know Your Customer program in 2016 that helps provide enhanced transparency for industry banks and regulators. 

Image: Grading a diamond in a GIA lab. (GIA)
Tags: Elizabeth Keating, Gem & Jewellery Export Promotion Council, Gemological Institute of America, GIA, Know Your Customer, KYC, Rapaport News, World Federation of Diamond Bourses
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