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What does DNFBP stand for?

DNFBP stands for Designated Non-Financial Businesses and Professions (Middle East & North Africa Financial Action Task Force Against Money Laundering and Terrorist Financing; Bahrain)

This definition appears very frequently and is found in the following Acronym Finder categories:

  • Military and Government

Samples in periodicals archive:

The Dubai Financial Services Authority (DFSA) announced yesterday that His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has enacted amendments to the Dubai International Financial Centre (DIFC) Law No 1 of 2004 (Regulatory Law 2004) under which the regulation of DIFC Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) requirements for Designated Non-Financial Businesses and Professions (DNFBP) in the DIFC is transferred to the DFSA.
The FIA further requires that all reporting entities design and implement adequate policies and procedures, including strict "Know-your-customer' (KYC) policies, customer acceptance policies (CAP), Customer due diligence (CDD) measures and risk management frameworks that promote high ethical and professional standards in the financial sector and prevent financial institutions, non-banking financial institutions and designated non-financial businesses and professions being used, intentionally or unintentionally, by money launderers.