FAQ on KYC

1. What is KYC?

KYC stands for “Know your Customer” information or a form where a business entity captures important and critical information about its buyers.

All business entities operating in Banking & Financial Services in most countries today are legally required to maintain proper KYC records of all their Customers. Increasingly, KYC is also being made essential for all business entities operating in Gems & Jewellery Industry worldwide by most governments and various related agencies including leading Rough Diamond mining companies and suppliers.

2. What is MyKycBank.com

MyKYCBank is a unique centralized KYC repository cum exchange platform for the gems and jewellery industry. All industry participants can update their own KYC information and documents at one place only and subsequently share the same with their trading partners.

3. Why should I register on MyKYCBank?

Every industry participant is expected to maintain accurate and updated KYC information on all the companies they do business with. This is tedious and requires significant effort.

In MyKYCBank, the information needs to be updated only once making it extremely efficient. It sets the global standard for KYC documentation. Information is verified against submitted documents, and is instantly available to all your connections. This helps companies reduce their compliance costs.

The platform will be rolled out globally, ensuring that transaction costs remain low, and there is no need to fax or email documents. Information will be shared only with connections authorized by you.

4. How to activate my MyKYCBank profile?

  • Register Online and Verify your email
  • Fill-in necessary information, upload necessary documents & apply for initial activation
  • Upon successful validation by MyKYCBank, permanent ID is generated, allowing you to start making connections and sharing your profile
  • Print out the document set emailed to you for final activation & sign and stamp the pages (self-certification)
  • Verify the original documents at the nearest KYC desk or your industry body (e.g. GJEPC etc.) office and submit the selfcertified copy
  • Final Activation done on basis of verified documents

5. How to connect to other MyKYCBank profile?

  • Click My Connections->Add Connection->Add profile ID
  • Enter the Profile ID of your connection and send a request
  • Once your connection accepts your request, you will be able to see the KYC of your connection and vice versa.

6. How to view connected MyKYCBank profile?

  • Clicking the “Print” icon next to your connections profile will pop a pdf file with the profile of your connection.
  • Clicking the “PDF” button on your connection will send a request to your connection that you have requested for a profile print with supporting documents. After your connection accepts the request, the complete profile pdf with the supporting documents will be emailed to you.
  • All pdf files are watermarked and protected by a password.

5. What are the documents required?

Documents, based on the kind of incorporation, will be required. Documents cover legal ID, Address proof and photo ID and address proof of directors, owners and beneficial owners.

6. Who is the Ultimate Beneficial Owner (UBO)?

Ultimate beneficial owner (UBO) refers to the natural person(s) who ultimately owns or controls an entity and/or the natural person on whose behalf a transaction is being conducted. This is now mandatory for banks in India. This is based on a self-declaration, as required by most banks.

7. How safe it is to upload my documents? What if someone misuse my KYC document?

Security is our first priority. All information and documents are stored in a secure manner on the server located at a world class data centre. All access will be through an SSL link. Connections will be only made once both parties accept the request and only shared through password protected pdf files identifying the person requesting the file.

8. What if I need to change any details e.g. change in office address/director/shareholding etc.?

You can update your profile for any change at any point of time. Depending on the change it might need to be verified before it is accepted. The revised profile is instantly visible to your connections after it is accepted.