Revised registration requirements diamond traders
According to AWDC, the registration requirements for access to the Belgian diamond industry have been revised by Royal Decree of 20 November 2019. They reinforce Belgium’s pioneer position as a transparent diamond trade hub and guarantee compliance with the international guidelines and standards on best trade practices (FATF).
Traders applying for registration as a diamond trader will now have to submit a set of additional documents to the FPS Economy. Note that the requirements apply retroactively, so the documents need to be provided by already registered diamond traders too.
The following documents need to be provided:
1: An extract from the criminal record/proof of good conduct or an equivalent document of each director, permanent representative of the legal entity and every authorized signatory of the legal entity, as well as an extract from the criminal record/proof of good conduct of the legal entity;
2: Proof of knowledge of the AML legislation of at least one director who permanently and effectively leads the company, by presenting a certificate of attendance of a recognized AML seminar. Proof of attendance of one of AWDC’s AML seminars suffices, which you may already have. AWDC organizes AML seminars several times per month for free. Every participant receives a certificate of attendance afterwards;
3: Your shareholders structure, including names of the ultimate beneficial owners of the entity.
For new registrants proof of know-how on diamonds and or experience in the diamond industry of at least one director who permanently and effectively leads the company.
All registered diamond traders will receive a letter from the FPS Economy explaining in detail what to provide.
Aside of these requirements, the royal decree also defines the terminology to use to refer to natural and synthetic diamonds respectively, based on the ISO 18323 standard.
