DNFBPs
Designated Non-Financial Businesses and Professionals
Designated Non-Financial Businesses and Professionals (DNFBPs) include persons who are engaged in the businesses of buying and selling boats, vehicles, jewellery or other high-value goods as well as those who provide client services, such as legal practitioners, notaries public and accountants involved in transactions concerning the buying and selling of real estate; managing of client money, or other assets.
All reporting entities including DNFBPs must ensure compliance with the obligations set out in the AML/CFT Act, 2020 and its Regulations. This is to be achieved through the establishment of a robust internal control system which must include:
- A written compliance programme;
- Effective customer due diligence and identifications verification;
- Sound record keeping protocol for a minimum of seven years;
- Comprehensive employee training in the relevant anti-money laundering and terrorist financing laws, including the ability to identify suspicious activities/transactions without “tipping off” the client.
Part of the FIU´s function is to ensure full compliance by DNFBPs through monitoring and supervision. In so doing, the FIU is expected to conduct inspections which can occur on- or off-site depending on the level of risk attributed to the particular entity to ensure compliance with the AML/CFT Act & Regulations.
The FIU looks forward to a cooperative relationship with all DNFBPs in the Seychelles.