Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs)
Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs)
Download AML Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs) issued by the Ministry of Economy (MOE), UAE.
Also check out Guidance on Targeted Financial Sanctions for FIs and DNFBPS in UAE.
AML Compliance Requirements in UAE highlights overall anti-money laundering compliance requirements for DNFBPS in UAE.
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FAQs About DNFBPs
The following businesses and professions are to be considered as DNFBPs under UAE AML regulations:
- Auditors and accountants
- Dealers in jewellery, gems, precious metals and stones
- Lawyers, notaries, and other legal professionals and practitioners
- Real estate agents and brokers
- Company and trust service providers
- Any other DNFBPs, as may be notified by the Government
DNFBPs are specified businesses and professions that are subject to high risk of money laundering and terrorism financing, due to the nature of goods or services they provide. At present, the following businesses and professions are considered as DNFBPs under UAE AML regulations:
- Auditors and accountants
- Dealers in precious metals and stones
- Lawyers, notaries, and other legal professionals and practitioners
- Real estate agents and brokers
- Company and trust service providers
- Any other DNFBPs, as may be notified by the Government
Under UAE AML regulations, DNFBPs means Designated Non-Financial Businesses and Professions.
Non-financial businesses are businesses not engaged in financial business activities. It includes industries such as manufacturing, legal, accountancy, airlines, construction, agriculture, farming, retail, utilities, business services, catering, gems and jewellery, real estate, casinos, and many more.
As per the DNFBPs guidelines, DNFBPs in UAE must develop effective AML/CFT policies, practices, controls, and procedures to spot suspicious transactions and report them to prevent money laundering activities.
DNFBPs in UAE stands for Designated Non-Financial Businesses and Professions.
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