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PLENITUDE INSIGHTS: DNFBPs and Financial Crime

Written by Alan Paterson | Jun 21, 2019 11:17:00 AM

Designated Non-Financial Businesses and Professions (“DNFBPs”) are businesses that are considered to pose a money laundering risk but cannot be classified as a financial institution. They are seen as ‘gatekeepers’ to the financial system and include professions such as accountants, lawyers, estate agencies, casinos, high value dealers, and trust or company service providers. 

In the UK, these professions are subject to the requirements of the Money Regulations 2017. Each industry’s regulatory oversight bodies (e.g. Solicitors Regulation Authority, Institute of Chartered Accountants in England and Wales, Chartered Institute of Management Accountants) are required to act as Anti-Money Laundering supervisors. 

The 22 professional bodies overseeing the legal and accountancy sectors in the UK are, in turn, overseen by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), a regulator housed within the FCA and charged with strengthening the UK’s Anti-Money Laundering supervisory regime and ensuring that professional body AML supervisors provide consistently high standards of AML supervision.