Anti-Money Laundering and Terrorist Financing Legislation

The international community has made the fight against money laundering and the financing of terrorism a priority.

The goals of this effort is to protect the integrity and stability of the international financial system, to cut off the resources available to terrorists and to make it more difficult for fraudulent traders to profit from their criminal activities.

The Belgian Anti-Money Laundering legislation of 11 January 1993 applies to registered diamond traders since 2004. Regulations were drafted in 2006 (Royal Decree of 22 October 2006) specifically for the diamond industry, in which the sector-specific anti-money laundering obligations were further elaborated (Royal Decree of 7 October 2013)

The Belgian diamond trade became subject to AML/TF legislation in 2004 and joined many other sectors such as financial institutions, notaries, lawyers, accountants, etc..

The AML rules and regulations for the diamond trade were comprised in a Royal Decree of 2006 and updated recently in a Royal Decree of October 7th 2013 and go beyond what is required on EU level and by FATF guidelines:

Every Belgian diamond trader must identify his clients, suppliers and ultimate beneficiaries and must verify their identity.

Know Your Customer

Know Your Customer (KYC) is the process of a business, identifying and verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity. Know your customer policies are becoming much more important globally to prevent identity theft, financial fraud, money laundering and terrorist financing.

To comply with this KYC and AML Legislation, we ask all our clients and suppliers to download the KYC form, fill this in, sign and stamp and return with the following

  1. Identification of clients: we need to receive a copy of ID Cards (for persons of Belgium nationality) or copy of passport or driving license (for individuals of foreign nationality) from the director (s) or legal representative (s) of the company.
  2. We also need to receive recent copy of Articles of Association or copy of recent official publications of your company as accepted in your country or any other document evidencing name, first name and address of persons who may validly bind the company.

Please accept our apologies for any inconvenience caused and be assured that this information is only internal use.For any further information you might require, please do not hesitate to contact us.We thank you in advance for your kind cooperation.