DNFBPDesignated Non-Financial Businesses and Professions (Middle East & North Africa Financial Action Task Force Against Money Laundering and Terrorist Financing; Bahrain)
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rules comply with these requirements, except that DNFBP include casinos only.
However, financial institutions and DNFBPs are restricted in their access to some useful data sets.
65) Recommendation 10 states that competent authorities (including FIUs) should have access to records kept by financial institutions and DNFBPs.
154) The new Recommendation would need to require governments to take a number of actions to ensure, among other things, that exporters and importers conduct customer due diligence, keep records, and file suspicious transaction reports, just as financial institutions and DNFBP currently are expected to do.
233) In whatever approach the FATF takes, to be effective, it should encompass not only the financial institutions and DNFBP addressed in the past, but also all those identified by the FATF in its Best Practices Paper, including importers, exporters, freight forwarders, shippers and air couriers.
It is also clear, however, that the FATF is not ready to adopt significant measures to require states, financial institutions, DNFBPs or traders and others in the supply chain to take action on TBML.
However, compliance from the DNFBP sector is lacking.
The list of DNFBPs includes realty agents; dealers in precious metals, stones, antiques and art; legal advisors and lawyers; accountants; auditors; notaries; and casinos.
Additionally, the DFSA will shortly be contacting all DNFBPs within the DIFC to provide training and guidance on the changes.
The following categories of DNFBPs are designated as reporting persons under the AMLA: accountants, real estate agents, dealers in precious stones, work of arts or metals; attorneys, notaries and other independent legal professionals and operators of gaming activities (including casinos).
Its primary mission is to receive, analyze and disseminate suspicious and unusual transaction reports from financial institutions and DNFBPs.