The G&J KYC Information Centre (“Company”) will be the primary point for members of the gems and jewellery industry who have registered or intend to register on the website of the Company (“Members”) available at www.mykycbank.org (“Website”), for completing and sharing their Know Your Customer (“KYC”) information on the Website. This also puts the responsibility on the platform compliance team to do the necessary due diligence on the KYC information submitted by the members.
It is also likely that Members may contravene the terms and conditions applicable to all the users of the Website, either inadvertently, or by design. While no policy can cover all possible alternatives, this policy document lays down material contraventions as well as actions which the Company may initiate, to mitigate risks to the Company as a result of contravention of the terms of the Website by the Members.
2.1 The primary responsibility for investigating and/or initiating disciplinary proceedings against contravening Members will be with the a disciplinary committee (“Disciplinary Committee”) proposed to be established by the advisory council of the Company (“Advisory Council”), under such terms and conditions of establishment and governance as may be prescribed by the Advisory Council.
2.2 The Disciplinary Committee may consist of either: (a) members of the Advisory Council; (b) external experts appointed by the Advisory Council; and/or (c) both. The Disciplinary Committee shall be solely responsible for determining the disciplinary actions to be undertaken against a Member, in relation to any contraventions of the Members on the Website. The Members agree to be bound by the decision of the Disciplinary Committee on all matters.
3.1 There are 2 (two) kinds of trigger events which may cause disciplinary action to be taken on a Member, namely: (a) process related triggers; and (b) compliance related triggers.
3.2 Process related triggers: Process related triggers are those which are mainly either system driven, where the Member has generally not completed an activity applicable to such Member on the Website, which they should have done in the normal course. These are generally more operational in nature and in most cases, may not warrant any serious deliberation or action by the Disciplinary Committee.
An indicative list of the key process related trigger events are listed below
3.2.1 Non-payment of membership fee of: (a) the Company; and/or (b) the applicable industry trade body with which a Member is associated (“Industry Trade Body”), within the time period prescribed by the Company and/or the Industry Trade Body;
3.2.2 Failure to submit certified hard-copies of KYC documents by a Member through the relevant Industry Trade Body within a prescribed duration of 30 (thirty) days after the confirmation of the first level of verification by the Company and/or individual activation of the Member’s profile on the Website;
3.2.3 Inability to complete and/or furnish new requirements and/or documents, including but not limited to valid documentation of expired documents within the time provided by the Company (E.g. expired passport copy not updated and/or new declaration required with an accountant’s validation etc.);
3.2.4 In the event of Members whose profiles have been suspended on the Website and where no corrective action has been taken by such Members (other than those under review by the Disciplinary Committee) for a period of 60 (sixty) days from date of such suspension;
3.2.5 Using the Website for marketing purpose and/or sharing of any details which involve marketing activity for a commercial gain and/or benefit of the Members business through their registered accounts on the Website; and/or
3.2.6 Any other event as the Disciplinary Committee may think fit, in its sole discretion.
3.3 Compliance related triggers: Compliance related triggers are generally more serious in nature and usually will require attention by the compliance team of the Company. These triggers may arise from sources such as reporting of errors by connections and/or compliance team checks on global databases; and/or sanctions and/or enforcement introduced by global or industry bodies on the Members. An indicative list of the key compliance related trigger events are listed below:
3.3.1 Initiation of voluntary winding-up or bankruptcy proceedings against a Member;
3.3.2 The Industry Trade Body’s or government decision to: (a) suspend or prohibit the Member and/or any promoter, officer, director, key managerial employee and/or ultimate beneficial owner of the Member and/or its group entities; and/or (b) cancel their respective membership from the concerned Industry Trade Bodies; or any Member’s decision to cancel and/or non-renewal of their respective membership from the Website;
3.3.3 Member and/or any promoter and/or officer of the Member and/or its group entities being included to any of the global sanctions or enforcement lists;
3.3.4 Any misrepresentation by a Member on the Website, including without limitation in relation to declarations and/or supporting documents, such as the following:
Non-reporting of information relating to the ownership, management and/or representative of the Company.
3.3.5 Material violations of the code of ethics or any other policies of the Company and/or proven misdemeanor by the Member in any of their dealings in any manner, as determined by the Disciplinary Committee, which has not been rectified within a period of 15 (fifteen) days from the date of notice of such violation by the Company;
3.3.6 Conviction of a Member or its group entities, and/or any of their respective promoters, directors, officers, key managerial personnel and/or their ultimate beneficial owners for any criminal offences, by a Court of law in any jurisdiction;
3.3.7 A process related trigger that has resulted in or is likely to result in a compliance trigger because the Member is unwilling to comply with the directions issued by the Disciplinary Committee; and/or
3.3.8 Any other event as the Disciplinary Committee may deem fit, in its sole discretion.
4.1 The Disciplinary Committee may initiate a disciplinary action, as may be determined by it in its sole discretion.
4.1.1 Process related triggers: In the event of a process related trigger, the Website will automatically suspend the Members’ account, upon the detection of non-compliance by the Member. Such Member will not be permitted to undertake any actions and/processes which on the Website, including any action associated with their network connections with other Members on the Website. However, once the account is suspended, the Member will be notified of the contravention and will be given the opportunity to rectify such non-compliance within a stipulated period of time. Once the notified non-compliance is rectified by the Member to the satisfaction of the Disciplinary Committee such Member’s profile will be re-activated, and such Member may access and use the services available to it on the Website. Note, that in the event such contraventions are not rectified within the stipulated period of time, the profile of the defaulting Member will be disabled and deleted in accordance with Clause 6 and Clause 7.
4.1.2 Compliance related trigger:
Suspension of a Member’s profile is a temporary process resulting from less serious contraventions. The Member shall be provided with ample opportunity for presentation and/or correction of the contraventions and based on their corrective action, their profile on the Website may be re-activated, at the discretion of the Disciplinary Committee. A defaulting Member may access their profile and submit change requests to rectify the contraventions, but the remaining functions on the profile shall be suspended. Note, that all process related triggers will be lead to an automatic suspension of the Members’ profile on the Website. For all compliance related triggers, the profiles of the defaulting Members shall be suspended during the course of the investigation on such Member.
5.1.1 Process related triggers
A suspension of the defaulting Members profile on the Website due to a process related triggers, will be initiated automatically till the time the defaulting Members remedies the contravention, to the satisfaction of the Disciplinary Committee.
5.1.2 Compliance related trigger
In cases involving compliance related triggers for suspension of a Members profile on the Website, the Disciplinary Committee may suspend a Member’s profile after providing adequate intimation to the concerned Member, in accordance with this policy.
5.1.3 Resultant Outcomes
5.1.4 Appeal / Reversal
Disablement of a Member’s profile from the Website is a permanent process resulting from material process related triggers and compliance related triggers. Disablement of a profile effectively renders it unusable, thereby resulting in serious consequences for the Member’s reputation and their future participation in trade.
6.1.1 Process Triggers
Disablement due to a process related trigger will be implemented automatically, after reasonable intimations provided to the Member.
6.1.2 Compliance Trigger
In cases involving compliance related triggers, the Disciplinary Committee will have the discretion and/or authorization to disable a Member’s profile after due review of the contravention.
6.1.3 Resultant Outcomes
6.1.4 Appeal / Reversal
7.1 Deletion of the account of a Member from the Website is a permanent process. Such deletion may occur upon the occurrence of any of the following events: (a)the Member is not expected to continue with its business either because it is being wound up or insolvency proceedings have been initiated against the Member; and/or (b) the Disciplinary Committee has decided that the nature of the contravention is so severe that the Member should not be allowed onto the Website; and/or (c) a suspended or disabled profile of a defaulting Member does not rectify the non-contravention as required by the Disciplinary Committee.
7.2 In order for a profile to be deleted, the profile will be required to be in a suspended and/or disabled state for at least a period of 6 (six) months, prior to deletion. Note, that the deletion of a profile means that no other Member will be able to search or view such deleted profile, even if searched with the correct profile id.
7.3 After deletion of a Members profile on the Website, including the deletion of all the data from the profile, such data and/or information of the Members will continue to remain in the servers of the Company for a period of 5 (five) years from the date of cancellation of membership of a Member.
7.4 In the case of temporary profiles, if the registration process is not completed and/or the profile has not been used for a period of more than 3 (three) months from the date of creation of the profile, then these profiles may be automatically deleted by the platform on the Website.