What are DNFBPs?

Over the years, the techniques used by money launderers and financial criminals have evolved in response to governmental and institutional measures . At the end of the 1990s, DNFBPs were confronted with increasingly strict anti-money laundering legislation and more advanced AML/CFT procedures in credit establishments and financial institutions. The FATFpublished guidelines on designated non-financial businesses and professions which have a similar potential to financial institutions for money laundering. It has been proposed that DNFBPs should be subject to anti-money laundering and anti-terrorist financing regulations to prevent any criminal activity.

Which industries are classified as DNFBPs?

What is classified as an ENDIFP varies by jurisdiction. Usually, at least the following professions are included:

• Auditors, external accountants and tax advisers
• Casinos and other gambling and gambling service providers
• Business service providers
• Precious metal dealers
• Gemstone dealers
• Lawyers
• Notaries and other independent legal professionals
• Real estate agents
• Trusts

In most current jurisdictions, DNFBPs are regulated in the same way as credit institutions and financial institutions. Some also have regulations tailored to counter the unique money laundering threats posed by different types of DNFBPs.

Resources:
Designated Non-Financial Businesses and Professions (DNFBPs) on AML/CFT – FATF MENA

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