FAQ on KYC

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.

What is MyKYCBank.com and why should I register on it?

Till recently, all companies operating in Gems & Jewellery Industry exchanged paper KYC forms with each other physically and in various different types of formats containing different information (some relevant, some irrelevant).Often a company maintained a big file for KYCs and a full or part-time person to maintain the file in order.

The file in good number of cases sometimes remained with very old and outdated information about buyers/sellers, who the company still deals with regularly, but the form remains as it is old.

MyKYCBank[dot]com is a centralized online platform (a repository/ a data bank) of KYC, created especially for the Gem & Jewellery Industry to address their KYC management needs. A company now only has to register once on MyKYCBank.com, complete its own KYC profile, upload some supporting documents and DONE!! Once the information is verified with the supporting documents, a permanent MyKYC ID will be generated and the company’s MyKYC profile is ACTIVATED and is ready to share with its Buyers, Sellers etc.

Registration and Profile completion is a short and simple process taking not more than 45-minutes of one’s time! If all information is entered correctly and matching the supporting documents, the profile can be ACTIVATED in less than 24 hours.

What are the benefits of MyKYCBank.com?

MyKYCBank.com is an industry acknowledged platform for KYC management and sharing. In addition to the simple KYC Information storage facility, the platform provides you to:

  • Share KYC information SAFELY and SECURELY with authorized industry members
  • Update information on your KYC and change will be communicated and reflected to all your customers and suppliers automatically.
  • Save time and money on valuable human resources.
  • Last but not the least, environmentally friendly option of maintaining KYC in electronic form instead of printing 100s of forms on paper and maintaining files.

How safe is my information on MyKYCBank.com?

The information that you provide and store on this platform is only available to you, your connected entities (whom you authorise) and the Network Administration. Importantly, your connected entities can only view your KYC Information that you have shared with them and NOT your other connections’ information. This way, your suppliers may never be able to see your customers’ names through your profile/connection.

Why should I fill so much information for my KYC? Is it really required?

While developing the contents of KYC form, enough care has been taken to request only information from members, which is necessary as per KYC standards prevailing in key international Gems & Jewellery centres.

At first, the form may look bigger and information vast to fill but it’s only a 1-time exercise that a company/member has to invest time in, to complete the profile.

I don’t want to create MyKYCBank account. What will be the impact on my Business?

Registration MyKYCBank is not compulsory; However, you might not get the same trade body membership as earlier, please note that these requirements are at par with FATF/PMLA (Prevention Money Laundering (Amendment) Act) 2015 and as per PMLA, every dealers in precious stones, precious metals and other high value goods, have been classified as person carrying on Designated Non-Financial Business or Profession. All DNFBP’s are supposed to:

  • Set up a risk-based AML policy and their respective internal procedures along with training its concerned staff on the same
  • Conduct a thorough client due diligence (KYC norms) of all trade counterparties, including identifying the beneficial owners of all its clients/suppliers
  • For retail companies, there are additional requirements on conducting a KYC of the retail customer for transactions above Rs 50,000. At a bare minimum it means getting a proof of identity and proof of address. This would mean
    • PAN to be collected (as has been reported).
    • A proof of address – though the rules are still ambiguous about that for us.
  • Special consideration would need to be given to Politically Exposed Persons (PEP), persons on sanctions list as well as high risk countries and transaction types
  • Maintain records of all transactions and KYC information (for up to 5 years) and submit them to the regulator as requested
  • Monitor effectiveness of the AML policy

Further, person carrying on designated business or profession is considered as reporting entity as per PMLA Regulation.

REGISTERATION

Can you explain MyKYCBank process in nutshell?

MyKYCBank Process consists of following:

www.MyKYCBank.comarrowRegistrationarrow Fill FormarrowUpload DocumentsarrowSubmit Profilearrow Print ProfilearrowVerify Against Original Documents

I keep getting error: Enter Valid Tradebody ID.

If you are getting an error while entering Trade Body Number on registration page, you need to drop an email at support(at)MyKYCBank(dot)com for adding Trade Body registration number in the system. In that mail you need mention your Company name and also attach trade body membership certificate as supporting document. Our backend team in association with IT will take action on your request within 01 working day.

I am getting error: Tradebody ID already taken

If you are getting an error “Tradebody ID already taken” at the time of registration, it means either you have already registered on MyKYCBank platform and you need to search for the login details already shared in your email address OR check within your firm if someone has already tried to register on our platform. OR if you don’t remember of any registration on our website, immediately drop an email at support(at)MyKYCBank(dot)com

Which Link to be verified before I login for the first time?

When you register and submit you will receive Link to verify on your Email Address provided at the time of registration. A Link will be present in the email. The user needs to click on it to verify their email address then only the user will be able to login.

What to do in case I forgot my Profile Id?

You need to click Forgot Profile ID Link present on the Homepage. Please enter the membership number which you have entered while registering. An email will be received on the registered email ID containing Profile ID.

What needs to be entered in the username field when the user logins?

The user needs to enter Super in the Username field. ‘S’ of super should be capital.

What to do in case you forgot your password?

If you forget your password, then click on “forget password” on login page and add your KYC Id or email id and click on change button. One link will be forwarded at your registered email id, by clicking on that link you can change your password and login on the page.

What to do in case you have entered wrong incorporation type while registering?

In the first place, this should not be wrong as its your company. But still if you make mistake you should write an email to the Support Team for changing the incorporation type and the reason for correction and send an email to support [at] MyKYCBank[dot] com. Please mention your Profile Id in the email and attach supporting document (E.g. PAN Card, Incorporation Certificate etc.) for the same Compliance team will take decision.

What needs to be added in the Trade Body membership number?

The Trade Body Membership number is present in the Certificate provided by Trade Body at the time of registration or at the time of renewal of membership .

For e.g.: If the trader is having membership of GJEPC than G Code starts with GXXXXX and if the trader is having membership of BDB than M Code starts with MXXXX. AWDC members need to add RDC Number

What to keep in mind while writing Company Name?

Please add your Proper Company Name. Please do not add M/s in front of company name. Also, do not write Company name in Capital letters.
E.g.: Test Name Pvt Ltd
Correct: Test Name Pvt Ltd
Incorrect: TEST NAME PRIVATE LIMITED OR M/s TEST name Pvt. Ltd

What is incorporation date and where will I find it?

Incorporation date is a date when your organization is created/formed/started. For e.g. for primate limited company the incorporation date will be the date mentioned in Company Incorporation Certificate, for Partnership firm the date of incorporation will be date mentioned in firm PAN Card etc.

What to add in the Business Segment if I have more than one business segment?

Please enter the most relevant Business Segment. You can add only one business Segment as of now. It is just for the reference

Whose First Name and Last Name to be added while registering?

Provide name of the person who is responsible to maintain and update the profile preferably Chartered Accountant/Company secretary/Owners/Partner etc.

What to be added in the Address Field?

Please enter the company’s Registered Address.

What to enter in Office landline if we don’t have this number?

Please enter some alternate mobile number of any person who will maintain the profile.

I have two company; can we register both the company with same email address?

Yes, you can register both the company on same email address. All the mails associated with both the Profiles will go on this email id only. However, in order to avoid confusion, it is advisable to register your companies one-by-one.

If I am member of GJEPC and BDB which Trade Body Name to be added while registering?

You can add any Trade Body while Registering. However, the trade body which is added while registering will be considered as your primary Trade body. There is also provision to add the other trade bodies when you logged into the profile(in Legal Tab). The billing will be according to the Primary Trade Body selected.

What to do if verification characters are not appearing properly?

Please click on the round button beside the characters. It is the Refresh Button and on clicking on it a new set of characters will appear.

What to do if you have entered wrong email address?

You need to send an email to the support team for requesting them to change email address along with the reason for change if you have applied for initial activation(TMPXXXXX) of the profile. However, if your profile is completed and you have permanent KYC ID than you can change email address by login on the portal as per below path.

Loginarrow My ProfilearrowModify Email address

Which fields I will not be able to change once registration is done?

Name, Country of Incorporation, Date of Incorporation and Type of Incorporation cannot be changed once registered. So please enter these details very carefully.

I have another company but in different country. Can I register it?

Currently the Process is open for only few trade body members that is GJEPC, BDB and AWDC. If the other company is the member of any of this trade body and has the corresponding Gcode or Mcode or RDC code, then you can register for the other company as well.

Which fields are mandatory while filling up the form?

The red star * marked fields are compulsory. Rest you can enter if you have relevant documents present with you.

Login

What needs to be entered in Company Registration Number in the Legal tab?

Below CIN needs to be entered as per incorporation type

For HUF: HUF Pan card number

For Company: Company Incorporation number (CIN)

For Partnership if registered: Partnership registration number (ROF - Registrar of Firm)
For Partnership if not registered: Entity Pan Card

For Proprietor: Individual PAN card number.

For LLP: LLP registration Certificate number

What is Duns no. in Legal field?

This field is not mandatory. The Data Universal Numbering System (Duns No.) is a nine-digit unique numeric identifier assigned by Dun & Bradstreet for the purpose of identifying business. But if you wish to Add you can add the nine-digit number you have allotted.

What needs to be selected in the Compliance tab in Legal field?

This field is not mandatory. But if you wish to Add you can add this. The Compliance includes BPP (Best Practice Principles, RJC (Responsible Jewellery Council), Forever Mark.

OWNERSHIP

What is the difference between Office Bearers and Ultimate Beneficial in ownership tab?

In ownership tab details of owners to be added like name, address, date of birth of the owners. In office bearers if the owner is individual then you need select individual. If the owner is Company, then details of that Company should be added in Non-individual Category.

In ultimate beneficial owners the details of holder holding 10% or more than 10% in Company or in partnership firm to be added in ultimate beneficial ownership tab.

If the owner and ultimate beneficial is same person than you need to tick is Ultimate Beneficiary in office bearer ownership tab. By ticking on the same the details of that person will be automatically reflected in Ultimate beneficiary in Ownership tab.

For more details on the same kindly refer
www.MyKYCBank.com/Downloads/UBO%20Description.pdf

From where can we download self-declaration?

You can download self-declaration from ownership tab available as per the type of incorporation of your organisation.

OR

The self-declaration tab is available in system, where you need to add signatories who will sign the declaration and download prefilled system generated self-declaration having details as mentioned in ownership tab.

Is Handwritten self-declaration allowed?

No, Handwritten Self Declaration is not allowed. You need to fill the details in the format provided first and then take the print out of the same on the company letterhead with proper sign and stamp.Please do not change the self-declaration format or delete/edit anything from the format. Even system generated self-declaration should be on the Company letterhead.

What is the PEP in the self-Declaration?

If the persons mentioned in the self-declaration is directly linked to Politics than in the PEP (Politically exposed Person) column you need to add Yes otherwise please mention No.

FINANCIAL

What is to be added in Financial tab?

In financial tab, you need to add the bank details of your organisation which includes bank name, address, account number of the bank.

In turnover details you must add turnover of proceeding financial year as per the scale provided in the portal.

Which Bank Account Statement is required?

Any one-month Bank Account statement from previous three months can be uploaded. However, prefer to upload the current month Bank Account Statement.

What is Banker Certificate?

Bankers Certificate is a document provided by bank which generally certifies your account details such as name of account, account number, account address, date of account opening and current status of your account. It should be on bank letterhead signed and stamped by branch manager.

Is It compulsory to add Key Person?

Yes, entering at least one Key Person is compulsory. If key person and owner is one and the same, then you can select is key person in ownership tab itself.

In case of partnership firm, what need to be uploaded in Company-Incorporation tab?

For partnership firm in Company-Incorporation (Partnership deed or Registration Certificate) tab you need to upload partnership deed (Merged firm name, partners name and profit sharing page).

For Trade Body what needs to be uploaded in the document section?

If you are member of GJEPC than upload membership renewal certificate of the current financial year should be uploaded. If you are member of BDB than BDB Certificate bearing M code/ AT code along with acknowledgment receipt of the payment of membership fees for the current year should be uploaded.

In case of partnership firm, what need to be uploaded in Company-Tax/Legal IDs Incorporation Certificate?

For partnership firm in Company-Tax/Legal Id, if your firm is registered than you have upload Firm registration certificate and if your firm is not registered than you have to upload firm PAN Card in Company-Tax/Legal IDs (Incorporation Certificate).

In case of Proprietorship firm what need to be uploaded in Incorporation Certificate in legal tab?

In case of proprietorship firm, you need to upload proprietor PAN card both in Incorporation Certificate and in Income Tax-Entity PAN Card in legal tab.

Whether we can add and upload GST details of branch on the portal?

Yes, you can add branch GST in portal, for that you need to add branch details in Alternate Office tab and in Legal ID in alternate office you need to add GST number and upload GST Certificate in other in document tab as per the type of document provided in drop down list.

What if I want to upload extra documents of our Company?

You can upload extra details about your Company in Other in Document tab.

What to do if my document is larger than 1 MB?

First you might correct the document and remove unwanted white space besides the document if this is an image file. If this is a pdf file, then you might change the pdf to jpg using some online tools and then try uploading. You can also try to compress the document and then upload. There are certain online Tools available on the internet for File Compression. The document will *NOT* be uploaded if the size is greater than 1 MB.

Are all documents to be printed on Company Letterhead?

No, Only the Self Declaration is to be printed on the company Letterhead. The Self Declaration should also have the Stamp, signature and name of the person signing the declaration.

Which PDF printout needs to be taken out for submission to the Council?

The PDF which was attached in the email received (Application document for submission V2pdf) is to be printed. In case if the Email is misplaced then you can also print by logging into your Profile and clicking on the Re-Print Option available in the reminder Pop-up.

What type of stamp I need to put on the declaration and pdf pages?

You need to affix round stamp of your Company in self-declaration and in PDF you need to affix stamp having Company name and designation of person signing. For e.g. In Company name of the Company and director.

What if we do not verify the document with original within prescribe time?

You need to verify the documents with originals at nearest GJKIC help desk within the prescribed time. In case if you will not verify the documents with originals in stipulated time, disciplinary action will be taken against you.

OTHERS

Is MyKYCBank a free service to profiles?

NO, MyKYCBank is chargeable services. However, your tradebody may pay these charges on behalf of you.

The following charges should be payable by the members based on their company`s country of incorporation.

Membership Charges Individual Charges Individual Charges(India)
From To One Time Annual One Time Annual
Turnover Turnover $/member $ p.a/member Rs/member Rs p.a/members
NIL Rs 1.2 Crore ($ 200,000) 10 30 600 1,800
Rs 1.2 Crore ($ 200,000) Rs 30 Crore ($ 5 million) 20 80 1,200 4,800
Rs 30 Crore ($ 5 million) Rs 180 Crore ($ 30 million) 40 150 2,400 9,000
Rs 180 Crore ($ 30 million) Rs 600 Crore ($ 100 million) 80 300 4800 18000
Rs 600 Crore ($ 100 million) Onward 150 500 9,000 30,000

The above-mentioned charges are excluding of GST (in India only).

I want to know my earlier purchase plan and want to check how much amount I have paid in previous year?

You can check the same by login on the portal and click on My Profile Payment History.

When can we start connecting with the other companies?

Once you get permanent ID (INXXXXXX) you can start connecting. For this please go to Connections Tab on the home Page and click on Add Connections. Provide the KYC Profile Id and then click add. The Profile will be added in your connection only when the other company has accepted your request.

In order to accept connection please approve the request from the request menu. Once approved you will be able to see the Profile added in your connection List. On initial acceptance of connection, the member will be able to view 2 pager KYC of the member that is basic KYC Information of the member. For viewing full PDF along with supporting documents, the member need to send one more request for viewing full PDF along with supporting documents. For complete process you can watch the connection video present on the homepage.

What if I don’t know the KYC Id of other registered members?

If you don’t know the KYC Id of other registered members,you can drop an email at support(at)MyKYCBank(dot)com for request for the list of registered members on the portal along with KYC Id.

Can I check how will my pdf look to my connections?

In connection request received by you through email notification you will get intimation that on acceptance of connection for the first time basic information will be available to the connection for viewing.

For how many days the full pdf will be available for viewing?

The link to view or download full pdf will be available for 15 days. Within 15 days from the date of acceptance of request for viewing full KYC you need to download full pdf with supporting documents. After expiry of 15 days the link will get disabled and you no longer will be able to view or download full pdf of other member and you need to again send connection request again for viewing full kyc.

I want to delete a connection as we are no longer dealing with that Company?

You cannot delete or disconnect the connection once you have accepted connection request from the other party. As per PMLA Regulation you need to maintain records of the transactions which includes KYC records of the party with whom you are dealing with for a period of 5 years.

What if we do not want to make payment?

MyKYCBank services was free for initial period of 2 years. From 1st April 2018 the service is chargeable for all the members. In case of GJEPC members, GJEPC is paying on behalf of you. In case of non-payment of one-time charges or annual charges as per the pricing policy prescribed, your profile will get suspended and disciplinary action will be taken against you.

I have registered on the portal as a Partnership firm but now my business is converted in to a Company and I want to update the changes in the portal?

You can modify the profile on the portal by login on the portal as per below mentioned path:

LoginMy ProfileChange Incorporation

On activation of change request for incorporation type, temporary id will be generated and after receipt of temporary id(TMPXXXXX) you need to finish the profile as you have logged in for the first time on the portal.

I want to modify few details in my profile, how do I make changes in the portal?

If your profile is completed and you have got KYC Id(INXXXXX)than you can make changes in your profile by login on the home page of the portal.

LoginMy ProfileModify Profile

Based on the type of changes, you can modify the profile by selecting relevant tab from drop down list. After adding changed details in the system, you have to upload document on the portal and finish the profile.

For viewing what details you have changed you can view the same by clicking on View Change History in My Profile.

What is the usage of KYC Views?

In KYC Views, you can easily find who have viewed your KYC from your connection. There are drop down available which includes:

KYC I Viewed-list of connections whose KYC is viewed by you

KYC My Viewed – list of members who have viewed your KYC

What is the usage of Admin tab?

In Admin tab you can add the user by clicking on Add User button. By adding user and by selecting role of the user, the person whose name is added will get login id and password and that person will get the right to login in your account on the portal. Please note that the accessibility of the portal to accept connection or to make changes in the portal will be depend on the role you have selected for the user in the Admin tab.