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16.14 Designated Non-Financial Businesses and Professions (DNFBPs)

C 33/2018 STA
16.14.1EDD is required before entering into any business relationship with, or processing any transactions for, DNFBPs as defined under the AML-CFT Decision. DNFBPs may be natural or legal persons.
 
16.14.2The Licensed Person must implement appropriate, procedures, systems and tools to determine whether a customer is a DNFBP.
 
16.14.3

Where a customer is determined to be a DNFBP, the Licensed Person must carry out the following required steps, in addition to the CDD and EDD required by Paragraph 16.11 of these Standards and any other EDD appropriate to manage the risk of the customer:
 

a)Verify that the customer is supervised as a DNFBP by the appropriate supervisor;
b)Obtaining information sufficient to determine that the customer is compliant with the AML/CFT preventive measures required under AML-CFT Decision;
c)Take additional steps to understand the customer’s business and its customer base; and
d)Obtain approval from the Compliance Officer and the Manager in Charge of the Licensed Person before establishing the business relationship or processing any transactions.