The Antwerp World Diamond Centre (AWDC) has launched an innovative digital customer screening tool, based on Regulatory Technology (RegTech) and tailored to the specific needs of the diamond industry.
With this new application, the Antwerp diamond sector takes an important step forward in the prevention of money laundering, helping diamond companies to meet their legal obligations more quickly, efficiently, and accurately.
The application, called KYCP (Know Your Customer Portal), enables the rapid detection and reporting of suspicious transactions or goods, checks sanctions lists, identifies ultimate beneficial owners, and issues alerts when potential risks are detected.
AWDC is making this digital tool available to the 1,470 Antwerp diamond companies it represents, investing €250,000 in its development.
“With this tool, the Antwerp diamond sector is at the forefront of non-financial institutions when it comes to compliance and transparency,” says Trisevgeni Stavropoulos, Head of Compliance at AWDC. “Diamantaires carry a great responsibility: they must identify their clients for every transaction above €10,000, report suspicious behaviour, and regularly conduct risk assessments. For many diamantaires — often small, family-run businesses — the administrative burden is considerable. Thanks to KYCP, they can now perform client screenings more efficiently, more quickly, and with a very small margin of error.”
The diamond industry is considered a high-risk sector due to the high value of its products, the large number of international transactions and the complexity of the trade.
With the launch of the Know Your Customer Portal the Antwerp diamond sector further strengthens its reputation as the world’s most reliable diamond trading hub, and as an international leader in transparency and compliance.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
