Anti-Money Laundering Legislation for Diamantairs

The anti-money laundering legislation, officially known as the Law on the Prevention of Money Laundering and Terrorist Financing, includes rules and obligations designed to detect, prevent, and combat illicit financial flows. The anti-money laundering legislation imposes various obligations, such as identifying clients, verifying their identity, exercising enhanced due diligence before and after entering into an agreement, and actively cooperating with the Financial Intelligence Processing Unit (CFI).

The latest Belgian anti-money laundering law dates from 18 September 2017. Diamond traders fall under the scope of this legislation since 2004, which means that all registered diamond companies trading in loose diamonds need to comply with the Belgian AML law. In addition to the diamond sector, the legislation also applies to financial institutions such as banks and insurance companies, real estate brokers, lawyers, and accountants, as well as organizations dealing with large sums of money, such as casinos.

Since complying with all legal obligations under the AML legislation is a complex challenge, AWDC aims to assist Antwerp diamond companies as much as possible in meeting the mandatory compliance requirements of the anti-money laundering law.

Anti-Money Laundering (AML) Policy

Every company is required to have a written in-house AML (Anti-Money Laundering) policy that outlines how it complies with AML legislation. To assist Belgian diamond traders, AWDC has developed a draft AML policy template that can be customized to reflect their company’s specific practices. This policy outlines measures to prevent money laundering (ML) and the financing of terrorism (FT), serving as a practical guideline for Belgian-registered diamond traders seeking to implement an effective AML policy. The document has been carefully crafted by AWDC and approved by the supervising authority for the Belgian diamond sector, the FPS Economy.

During AML inspections, diamond traders may be required to present their AML policy, and financial institutions may also request to review it. It is essential that diamond traders fully understand the content of their AML policy, as inspectors may ask detailed questions about its implementation. By completing the AML policy conscientiously and adhering to it in practice, diamond traders demonstrate compliance with Belgian anti-money laundering legislation.

AML Trainings

AWDC offers an AML training course tailored for entrepreneurs entering or active in the diamond trade. These course equip diamantairs with the foundational knowledge they need to excel in their profession while adhering to industry standards.

Traders can easily access and participate in these training programs via the Registered Diamond Companies portal.