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

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 will start 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.

Courtesy - AOJ

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