Designated Non-Financial Business Professions
DNFBPs are defined in Article 3 of Cabinet Resolution No. 10 of 2019 Concerning the Implementation of the AML Law (‘Implementing Regulations’), encompassing a range of activities and sectors.
What Is A DNFBPs?
DNFBPs abbreviate for “Designated Non-Financial Business and Professions”(DNFBP). Few types of non-financial businesses have determine as being exposed to money laundering and terrorist financing due to the nature of their business and the transactions with activity that they may conduct. The following businesses or professions are carried out within the UAE will be consider is a DNFBPs:
- Real estate developers and agents that carry out transactions with a customer involving the buying or selling of real property;
- in precious metals and dealers in precious stones;
- Law firms, notary firms and other independent legal businesses;
- Accounting firms, audit firms or insolvency firms;
- Company service providers
The UAE has extended some obligations contained within Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (‘AML Law’) to apply to DNFBPs in an attempt to prevent the involvement of those sectors in money laundering operations.
We Can Assist & Provide Your Businesses And Organizations With The Following Services As required:
- goAML Registration & Company Assessment;
- Subscription International & National Sanction List;
- goAML Reporting (Suspicious Transaction Reporting & Suspicious Activity Reporting;
- Performance Of Customer Due Diligence
Regulatory Links for more Information;
- Federal Decree by Law No. (20) of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Illegal Organizations
- Cabinet Decision No. (10) of 2019 Concerning the implementing regulation of decree law no. (20) of 2018 on anti- money laundering and combating the financing of terrorism and illegal organizations
- Guidelines for Designated Non-Financial Businesses and Professions
- Supplemental Guidance for Auditors
- Supplemental Guidance for Dealers in Precious Metals and Stones
- Supplemental Guidance for the Real Estate Sector
- Supplemental Guidance for Trust and Company Service Providers