AWDC Launches Compliance Tool for AML and KYC
November 20, 25
(IDEX Online) - Antwerp's diamond dealers are being offered free access to a new compliance tool that will help them, meet meet their legal Anti-Money Laundering (AML) and Know Your Customer (KYC) obligations.
Antwerp World Diamond Centre (AWDC) announced yesterday (19 November) the launch of the KYCP (Know Your Customer Portal) application, designed to automate the screening of customers and transactions.
It replaces the fragmented and time-consuming processes that have a been a particular burden for small businesses.
KYCP centralizes and automates these key compliance tasks, enabling faster, more accurate screenings, real-time alerts on suspicious activities, and simplified regulatory reporting.
"With this tool, the Antwerp diamond sector is at the forefront of non-financial institutions when it comes to compliance and transparency," said 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 behavior, and regularly conduct risk assessments."
AWDC says Antwerp's diamond industry has become the first sector in Belgium to introduce a collective digital compliance solution.
It invested EUR 250,000 ($292,000) in its development and is making it available for free to the 1,470 Antwerp diamond companies it represents.