DNFBPs are Designated Non-Financial Businesses and Professions. They are a classification used by the Financial Action Task Force (FATF) to denote non-financial sector businesses that pose a money laundering and terrorism financing threat.
The real estate developers and agents, dealers in precious metals and precious stones, law firms, notary firms and other independent legal businesses, accounting firms, audit firms or insolvency firms, and also company service providers fall under the jurisdiction of DNFBP.
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
These businesses and professionals are regulated by the following:
UAE DNFBPs in mainland - Ministry of Economy
Any entity in freezone DIFC (regulated by DFSA) and ADGM (regulated by FSRA)
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