DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS
Designated Non-Financial Businesses and Professions “DNFBPs” are defined by FATF as:
DNFBPs play a key role in protecting financial systems and economies from ML and TF risks, as gatekeepers, they are exposed to tremendous amount of information, and act on behalf of their customers in many transactions. Some of these transactions are high vulnerable to ML/TF risks due to the nature of product or service offered by DNFBPs. Some examples could be the following:
FATF Recommendations set the main requirements and expectation from DNFBPs, under the UAE Federal Law, DNFBPs are required to meet some certain obligations, and ADGM AML Rules specify these obligations under FATF Recommendations and UAE Federal Law.
All Relevant Persons who are conducing one of more of the activities classified as DNFBPs are required to be in compliance with ADGM AML Rules.