Complying with regulations such as KYC, and Kimberly Certified Norms ensures that the trade participants are trustworthy, and the diamonds they trade in are ethically sourced. Diamante also keeps to AML, FINCEN, and FINRA regulations to prevent money laundering and maintain fairness in trade practices.
Diamante follows the USA Patriot Act is to identify, disrupt, and prevent terrorist acts and money laundering activities by encouraging further cooperation among law enforcement, regulators, and financial institutions to share information. The Diamante consortium will be fully compliant with the Act.
Diamante has received a no-action letter from FINMA, swiss financial market supervisory authority stating DIAM (Native Digital Asset on Diamante Net) as a utility token exempted from security.
To ensure that Diamante is fully compliant with these and other relevant regulations, the company will develop and operationalize the compliance program according to the following phases:
- Phase 1: Regulatory Mapping : Identify relevant regulations, licenses, and compliance obligations concerning current and proposed business offerings to provide the necessary background to select a near term and longer-term approach to licensing and developing the compliance program.
- Phase 2: Program Documentation:Draft and/or enhance AML and sanctions policies and procedures to fulfill regulatory obligations and align with industry best practices. Program documentation will include AML policy, AML procedures, sanctions policy, and sanctions procedures.
- Phase 3: Risk Assessment:Assess the overall risk inherent to the business based upon its products, customers, and geographic footprint. Evaluate and account for controls in place that are designed to mitigate the inherent risk and calculate and evaluate the residual risk that remains after the controls are applied .
- Phase 4: Target Operating Model : Document the current state of the program and highlight areas of continued need in terms of staff and technology. Select staff, advisors, and technology vendors needed to establish and enhance the compliance program.
