Those who do not provide the necessary information: 1) Personal: copy of passport and/or I.D. - 2) Corporate: A) a copy of registration in local Chamber of Commerce, B) List of UBOs. C) Copy of Act of Incorporation with the local Notary/Lawyer/Authorities. D) a list of the founders/directors.
Never happened. All my customers, confirmed of potential, provide the demanded papers.
Anyone NOT engaged in the diamond or jewellery business.
Belgium and UK.
1) In Belgium: I am obliged to submit to any illogical request from the State Bank of India and to accept any and all new charges. 2) In the UK: problems connecting with potential customers as British jewellers want to pay in GBP, and if I receive a payment in GBP, the State Bank of India changes them into USD or EUR with a 3.5% difference from the financial rate. I sell goods by applying a 3% commission. Adding the difference caused by the extravagant exchange rate makes me non-competitive with British wholesalers in London or Birmingham.
They don't want to do business with diamond traders due to fear of fines by the US Fed caused by money-laundering. Understandable, but some bank work with diamond traders and take precautions to prove their good faith in case of problems.
Professional / trade associations
Eliking Diamond B.V.
Yohanan (Johnny) MARDKHAH