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.
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)
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Samples in periodicals archive:
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.