| Designated Non-Financial Businesses and Professions (“DNFBPs”) are businesses that are considered to pose a money laundering risk but are NOT considered to be financial institutions. They include professions such as estate agencies, casinos, high value dealers, accountants, lawyers, and trust or company service providers. In the UK, these professions are subject to the requirements of the Money Regulations 2017. Each of the industry’s regulatory oversight bodies (such as Institute of Chartered Accountants in England and Wales, Chartered Institute of Management Accountants, Solicitors Regulation Authority,) are required to act as Anti-Money Laundering supervisors. The 22 professional bodies overseeing the legal and accountancy sectors in the UK are, overseen by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). This is a regulator which is housed within the FCA, and it is charged with strengthening the UK’s Anti-Money Laundering supervisory regime, ensuring that professional body AML supervisors provide consistently high standards of AML supervisior. |
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