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What are AML rules? Why do you follow them?


Two-way protection

AML stands for Anti Money Laundering and refers to laws applying to the global movement of money and transportable wealth like diamonds as a method to launder money. Since September 11, 2001 they have evolved to combat global terrorism and drug-related crimes.

Why do AML rules apply here?

We sell overseas diamonds with no USA supplier in the middle. We are documenting the lawful custody chain for our diamonds, from Crafted by Infinity, through High Performance Diamonds, to you as trusted buyer.

How does it affect me?

We'll ask for your name, address and phone number. We collect this data prior to holding, shipping or selling diamonds. If you are approaching us about an outside diamond for trade-in we will need proof-of-purchase from a legitimate source (your original seller).

Do you share the info?

Never. If you lived in a EU High-Risk Third Country or US DOS Terrorism State such as Syria or North Korea there would be a higher level of data collection and reporting, but we do not sell into high-risk countries. And we will not purchase any diamond without the needed documentation.

This is great. How can I help?

  • Consumers can practice KYS (know your supplier) with any gemstone and jewelry provider by always verifying (i) United Nations KPCS (ii) Non-Zimbabwe and (iii) Natural & untreated declarations appear on every diamond invoice you and asking what additional KYC, KYS and AML rules are followed.
  • USA jewelers using USA-based suppliers are all required to follow domestic Clean Diamond and Patriot Acts.
  • High Performance Diamonds works directly with our overseas diamond producer, Crafted by Infinity BVBA, so we observe additional EU regulations involving international KYC (know your customer) and chain of custody.

More Information

Some clients are interested in the steps we take as responsible providers. We have copied relevant AML rules we follow below, last updated in May 2018 by the Antwerp World Diamond Center (AWDC) and Belgian Financial Intelligence Processing Unit (CTIF-CFI). If you would like to learn more about Crafted by Infinity's upstream provenance, conflict-free origins and ACAMS certification please visit our page on responsible sourcing.


PARTIAL AML RULES

DATA COLLECTION THRESHOLDS

  • Citizen of low risk country: Collect name, surname, home-address
  • Citizen of low risk country making distance transaction: Collect name, surname, home-address, telephone
  • Citizen of high-risk country: Add place and date of birth
  • PEPs (Politically exposed persons): Bank to bank transactions only, source of funds declared

POLITICALLY EXPOSED PERSONS (PEPs) 

  • Natural people who are or have been entrusted with a prominent public function (such as, heads of state, heads of governments, ministers, assistant ministers, members of parliament, supervisory bodies of state-owned enterprises), their immediate family members (spouse, parents, children) and close associates.

SUSPICIOUS REPORTING

The diamond dealer must inform the CTIF-CFI when he suspects or knows:

  1. A transaction or an attempt to a transaction is related to money laundering or the financing of terrorism
  2. A fact is related to money laundering or the financing of terrorism
  3. Money is related to money laundering or the financing of terrorism

CASH LIMITATIONS

  • If cash was received it needs to be supported by an underlying sales agreement, signed by the involved parties, proof of travel documents when > 10.000 EURO.
  • Cash received can be deposited in a bank based in the country where the cash was received. This is possible if the account is linked to a Belgian account and on the premises that there is full transparency towards the receiving bank (name of counterparty, invoice, import or export-documents).

You can read more about AML on the AWDC website.

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