Designated non-Financial Businesses and Professions (DnFBPs)
DNFBPs refer to a diverse group of entities and individuals that are involved in activities outside the traditional financial sector but have the potential to be exploited for money laundering, terrorist financing, or other illicit financial activities. These are:
1. Casinos (including internet Casinos.
2. Lawyers accountants, notaries and other independent legal professionals when they prepare for or carry out transactions for their clients concerning the-
- Buying and selling of real estate,
- Managing of client money, securities or other assets,
- Management of bank, savings or securities accounts,
- Organization of contributions for the creation, operation or management of companies, or
- Creation, operation or management of legal persons or arrangements, and buying and selling of business entities.
3. Real estate companies and agents;
4. Dealers in precious metals and precious stones; and
5. Trust and Company service providers when they are involved in the following:
- Acting as a formation agent of legal persons;
- acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;
- providing a registered office; business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement;
- acting as (or arranging for another person to act as) a trustee of an express trust or performing the equivalent function for another form of legal arrangement;
- acting as (or arranging for another person to act as) a nominee shareholder for another person