06202019Thu
Last updateWed, 19 Jun 2019 1am

GIA furthers best practices with improved ‘Know Your Customer’ program

All laboratory clients must update their client agreements 

(CARLSBAD, Calif.) - To comply with applicable laws, regulations and best practices, GIA (Gemological Institute of America) is enhancing its ‘Know Your Customer’ (KYC) program. This program supports the high standards of integrity that align with GIA’s mission of ensuring the public trust in gems and jewelry.

All new and current laboratory clients will be required to confirm the identity and ownership of their businesses, and to provide identifying information for all authorized representatives conducting business with GIA on their behalf. These requirements are recognized globally and are not unique to GIA.

“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 Elizabeth Keating, GIA’s chief ethics and compliance officer. “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. This is a global best practice.”

Beginning May 1, GIA started to contact current laboratory clients with an invitation to update their personal and business information, provide required documentation and to sign and submit a digital client agreement. Current clients may contact their client service representative with any questions or to begin the process.

Current laboratory clients and anyone interested in becoming a laboratory client can learn more about the documentation requirements and process by visiting GIA.edu/opening-a-lab-account or contacting GIA.

All information provided to GIA by new or current clients will be used solely in relation to their business with GIA and will remain private and confidential in accordance with applicable laws and contracts. Required information includes, but is not limited to, valid government-issued photo identification, full legal name, date of birth, permanent address for each authorized representative and disclosure of authorized third-party representatives.

GIA Client Agreements are available in several languages and can be previewed at  GIA.edu/gem-lab-client-agreement.

 

 


0
0
0
s2smodern

Columnists