{"id":5888,"date":"2023-12-05T05:54:35","date_gmt":"2023-12-05T05:54:35","guid":{"rendered":"https:\/\/jewellerynewsindia.com\/?p=5888"},"modified":"2023-12-05T05:57:50","modified_gmt":"2023-12-05T05:57:50","slug":"ubo-disclosures-are-required-in-the-gj-sector","status":"publish","type":"post","link":"https:\/\/jewellerynewsindia.com\/index.php\/2023\/12\/05\/ubo-disclosures-are-required-in-the-gj-sector\/","title":{"rendered":"UBO disclosures are required in the GJ sector!"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full has-custom-border\"><img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"415\" src=\"https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2023\/12\/9k-illustrative.jpg\" alt=\"\" class=\"wp-image-5889\" style=\"border-width:3px;border-radius:5px\" srcset=\"https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2023\/12\/9k-illustrative.jpg 600w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2023\/12\/9k-illustrative-300x208.jpg 300w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2023\/12\/9k-illustrative-200x138.jpg 200w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>&#8220;This is a welcome and much-needed step for the sanity of India&#8217;s gems and jewelry (GJ) industry.&#8221; The declaration of Ultimate Beneficial Owners (UBOs) by business partners will enable the elimination of last-mile malpractices such as money laundering and terror funding.<\/p>\n\n\n\n<p>Along with this, it will protect the interests of exporters and other industry ancillaries. Overall, this is a win-win situation that would increase the trust of foreign players to conduct hassle-free business in India, hence increasing foreign currency inflows into the country,&#8221; said <a href=\"https:\/\/www.linkedin.com\/in\/colinshah\/?originalSubdomain=in\" target=\"_blank\" rel=\"noreferrer noopener\">Colin Shah<\/a>, MD, <a href=\"https:\/\/kamajewelry.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kama Jewelry<\/a>, during the event.<\/p>\n\n\n\n<p>The individual or entity that ultimately owns or controls a business, partnership, trust, or other legal entity is known as the Ultimate Beneficial Owner (UBO). UBO identification is a vital component of Know Your Business (KYB) and Know Your Customer (KYC) processes, and regulators require financial institutions such as banks, investment firms, and insurance companies to identify and verify the UBOs with which they do business.<\/p>\n\n\n\n<p>Previously, the <a href=\"https:\/\/gjepc.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">GJEPC<\/a> explained through MyKYCBank of G&amp;J KYC Information Centre why it is a mandatory disclosures of UBO for Gem &amp; Jewellery Sector, and said, according to <a href=\"https:\/\/www.worldbank.org\/en\/home\" target=\"_blank\" rel=\"noreferrer noopener\">World Bank<\/a> and <a href=\"https:\/\/www.fatf-gafi.org\/en\/home.html\" target=\"_blank\" rel=\"noreferrer noopener\">The Financial Action Task Force (FATF)<\/a> (<a href=\"https:\/\/www.fatf-gafi.org\/en\/home.html\" target=\"_blank\" rel=\"noreferrer noopener\">FATF<\/a> is an intergovernmental organization founded in 1989 and is responsible for developing policies to combat money laundering and terrorist financing.) had identified our sector (Dealers in Precious Metals and Stones) as a DNFBP (Designated Non-Financial Business or Profession).<\/p>\n\n\n\n<p>And the <a href=\"https:\/\/www.fatf-gafi.org\/en\/home.html\" target=\"_blank\" rel=\"noreferrer noopener\">FATF<\/a> has recommended the following measures for DNFBPs: 1: Mandatory customer due diligence (including beneficial owner), 2: Implement an AML\/CFT program with a risk-based approach, 3: Enhanced due diligence based on risk assessment and country risks, and 4: Transactions to be scrutinized on a regular basis, as well as reporting of suspicious and cash transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;This is a welcome and much-needed step for the sanity of India&#8217;s gems and jewelry (GJ) industry.&#8221; The declaration of Ultimate Beneficial Owners (UBOs) by business partners will enable the elimination of last-mile malpractices such as money laundering and terror funding. Along with this, it will protect the interests of exporters and other industry ancillaries. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UBO disclosures are required in the GJ sector! - JNI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jewellerynewsindia.com\/index.php\/2023\/12\/05\/ubo-disclosures-are-required-in-the-gj-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UBO disclosures are required in the GJ sector! - JNI\" \/>\n<meta property=\"og:description\" content=\"&#8220;This is a welcome and much-needed step for the sanity of India&#8217;s gems and jewelry (GJ) industry.&#8221; The declaration of Ultimate Beneficial Owners (UBOs) by business partners will enable the elimination of last-mile malpractices such as money laundering and terror funding. 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