DNFBP Registration
DNFBPs — Designated Non-Financial Businesses and Professions — are the non-financial sectors that FATF brings within the AML/CFT framework because their services can be exploited to launder money or finance terrorism. The category covers real estate agents, dealers in precious metals and stones, money exchangers, notaries and accountants when they carry out transactional work for clients, and trust and company service providers. Although they are not financial institutions, they act as gatekeepers to the financial system: property purchases, client accounts, and company formations are all points where illicit funds can be layered and disguised. For that reason they are subject to broadly the same core obligations as banks — customer due diligence, record keeping, suspicious transaction reporting, and internal controls — applied on a risk-based approach and overseen by designated supervisors in each jurisdiction.
Documents Required
- Client CNIC / business details
- FBR IRIS credentials
- Police Character Certificate
Benefits
- Closes gatekeeper loopholes
- Wider coverage of the financial system
- Better transparency of beneficial ownership